Chemicals Firm Azelis Seeks to Raise $1 Billion in Brussels IPO

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(Bloomberg) — Specialty chemicals and food-ingredient distributor Azelis SA is planning to raise 880 million euros ($1.04 billion) in an initial public offering on Euronext in Brussels, among the first big listings to kick off what is shaping up to be a busy fall window in Europe.

The IPO is likely to be among the largest in Brussels over the past decade and Bloomberg reported in June it could value Azelis at about 5 billion euros ($6 billion). Deals are stacking up in Europe after French cybersecurity provider Exclusive Networks said Friday it will go public in Paris. Goldman Sachs Group Inc.’s Petershill unit announced on Monday it plans to list a new investment vehicle in London.

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Existing shareholders will also sell stock in the IPO, the company said on Monday in a statement. Proceeds from the offering will be used to ease the company’s debt burden, while providing increased financial flexibility. Azelis is currently registered as Akita Midco 1 NV, and will assume its new name on the closing date of the share offering. 

Based in Antwerp, Belgium, Azelis distributes specialty chemicals used in everything from animal nutrition to industrial cleaning. The company has about 2,800 employees in 56 countries, according to the statement. 

Swedish buyout firm EQT AB acquired Azelis in 2018 from Apax Partners for an undisclosed amount. Canada’s PSP Investments was a co-investor in the deal.

Goldman Sachs Group Inc. and JPMorgan Chase & Co. are joint global coordinators, with bookrunners Barclays Plc, BNP Paribas SA, HSBC Holdings Plc and ING Bank NV on the IPO. Cooperatieve Rabobank and Landesbank Baden-Wuerttemberg are co-lead managers, while Lazard Ltd. is Azelis’s financial adviser.

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