Restructured Orion IPO launched

Following the withdrawal of Orion Engineered Carbons’ IPO, which was first launched in April, the carbon black specialist has launched a slightly restructured IPO on the NYSE. The entire US405 million float will now be based on the almost 90 per cent stake in the company owned by the Rhone Group and Triton Capital through Kinove Holdings. Kinove aims to sell 18 million shares at a price range of $21 to $24. Taking the midpoint of this price range, Orion Engineered Carbons would command a market value of $1.3 billion.

Orion Engineered Carbons was founded in 2011 following the operation’s purchase from Evonik, and achieved sales of $1.85 billion in the year ended 31 December 2013. The company is expected to list on the NYSE under the symbol OEC. Morgan Stanley, Goldman Sachs and UBS Investment Bank are the joint bookrunners on the deal.