Atotech, a Carlyle-backed specialty chemicals company carved out of Total, announced terms for its IPO on Monday.
The Berlin, Germany-based company plans to raise $700 million by offering 34.1 million shares (14% insider) at a price range of $19 to $22. At the midpoint of the proposed range, Atotech would command a fully diluted market value of $3.8 billion.
Atotech is a chemicals technology company that operates in the electronic materials sector, providing specialty electroplating solutions which deliver chemistry, equipment, service, and software for technology applications. The company states that it holds the #1 rank in the global electronics plating chemistry and general metal finishing plating chemistry markets, and that it is the #1 global manufacturer of horizontal plating equipment for printed circuit board production. The company's products are used in a wide variety of end-markets, including smartphones, communication infrastructure, cloud computing, big data and consumer electronics, automotive electronics, and automotive surface finishing, as well as in numerous industrial and consumer applications such as heavy machinery and household appliances.
Atotech was founded in 1993 and booked $1.2 billion in revenue for the 12 months ended September 30, 2020. It plans to list on the NYSE under the symbol ATC. Citi, Credit Suisse, BofA Securities and J.P. Morgan are the joint bookrunners on the deal. It is expected to price during the week of February 1, 2021.
