German chemicals group Atotech files for an estimated $1 billion US IPO

Atotech, a Carlyle-backed specialty chemicals company carved out of Total, filed on Wednesday with the SEC to raise up to $100 million in an initial public offering. However, the deal size is likely a placeholder for an IPO that we estimate could raise $1 billion. The Berlin, Germany-based company was founded in 1993 and booked $1.2 billion in revenue for the 12 months ended September 30, 2019. It plans to list on the NYSE under the symbol ATC. Atotech filed confidentially on June 7, 2019. Citi, Credit Suisse, BofA Securities, and J.P. Morgan are the joint bookrunners on the deal. No pricing terms were disclosed.