Carlyle reinitiates AvanStrate IPO

Carlyle attempted to dispose of the company last year, but abandoned the exit in response to the economic volatility that followed the 2011 Tohoku earthquake and the ensuing tsunami and nuclear crisis.

According to Reuters, it now intends to sell 26.92 million shares, or around 25% of AvanStrate, for around JPY610 ($7.30) apiece on the Tokyo Stock Exchange. It could exercise a green shoe allocation of up to 2.634 million extra shares depending on demand.

AvanStrate also plans to offload 8.2 million shares, bringing the size of the floatation to JPY21.4 billion. The final share price will be set on April 16, in time for trading to begin on April 24.

Carlyle invested JPY58.1 billion in AvanStrate, then known as NH Techno Glass Corporation, in May 2008. The investor acquired a 52.6% stake, mostly from local glass maker Nippon Sheet Glass, while existing shareholder Hoya Corp. retained the equity balance.

The US buyout firm is also tipped to be looking to jettison some of its shares in Japanese steel bearing maker Tsubaki Nakashima. Nomura Holdings and Goldman Sachs have reportedly been hired to managed the sales process of the company Carlyle acquired for approximately JPY70 billion, including debt, in March of last year.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Exits
• North Asia
• Industrials
• Industrial Technology Investment
• The Carlyle Group
• Japan Industrial Partners
• IPO