Carlyle, Vestar sell down stakes in Asia-focused chemicals firm
Carlyle Group and Vestar Capital Partners sold down stakes in AZ Electronic Materials, an Asia-focused chemicals manufacturer, sending the London-listed company’s stock plunging 10% on Wednesday. Each private equity firm jettisoned a 10% holding – a total of 80 million shares – in AZ following the end of a 90-day lock up period.
Carlyle and Vestar had retained 43% of AZ after taking it public last October. They now hold just over 10% apiece and have committed to another 90-day lock-up period on further share sales.
Shares in AZ closed at GBP3.12 ($5.09), down 8%, but the stock remains well up on its debut price of GBP2.40 ($3.91). The company's IPO raised GBP382 million ($622.9 million), with 34% coming from the sales of existing shares and the remainder from new shares.
AZ produces specialty chemicals used by manufacturers of semiconductors and flat-screen monitors. It derives 90% of its revenues from Asia, with operations in China, South Korea, Taiwan, Hong Kong, Kapan and Singapore. However, the company chose to list in London due to the large number of institutional investors covering the specialty chemicals sector.
More on Greater China
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.