Axalta Coating Systems, a leading global supplier of coatings for the auto and transportation industry, raised $975 million by offering 50 million shares at $19.50, the midpoint of the $18 to $21 range.
Carlyle (NASDAQ: CG) floated the entire offering, meaning the market value remains unchanged. The PE firm originally planned to raise $878 million by offering 45 million shares. Its $975 million deal size makes it the second largest LBO of the year, behind IMS Health (IMS) in April.
Axalta Coating Systems plans to list on the NYSE under the symbol AXTA. Citi, Goldman Sachs, Deutsche Bank, J.P. Morgan, BofA Merrill Lynch, Barclays, Credit Suisse and Morgan Stanley acted as lead managers on the deal.
