Atotech, a Carlyle-backed specialty chemicals company carved out of Total, raised $498 million by offering 29.3 million shares at $17, below the range of $19 to $22. The selling shareholders did not offer shares on the IPO, but will sell on the overallotment if it is exercised.
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.
Atotech plans to list on the NYSE under the symbol ATC. Citi, Credit Suisse, BofA Securities and J.P. Morgan acted as lead managers on the deal.
