iPad chemicals firm AZ Electronic prices IPO at 240 pence
AZ Electronic Materials priced its London listing at 240 pence per share today, valuing the maker of chemicals used in Apple's iPad at £914.2 million.
The price was at the bottom of a narrowed range of 240 to 250 pence per share, and the midpoint of the company's initial price guidance of 200 to 280 pence.
The sale of 104.7 million new shares and 54.8 million secondary shares represented a 42% stake in the company, prior to a 15% overallotment option, AZ said, raising £382.8 million.
Private equity firms Carlyle and Vestar Capital Partners - who each owned 41.8 percent stakes in AZ prior to the initial public offering (IPO) - planned to reduce their holdings to around 21 percent each, a source close to the deal said on Thursday.
AZ supplies leading makers of integrated circuits and flat panel displays, including Samsung, Toshiba and Hynix.
UBS, Goldman Sachs and Deutsche Bank were joint sponsors and bookrunners of the deal.
