Azelis Raises €1.7 Billion in Brussels IPO
Belgian-headquartered multinational distributor Azelis and its shareholders have raised €1.77 billion in an initial public offering (IPO) on the Euronext Brussels exchange. Azelis gets €880 million from the offering, while shareholders including private equity firm EQT and PSP Investments receive €891 million.
Shares were offered on Sept. 16 at €26 each, the top end of its previously announced range of €22-26 per share, valuing the company at €6.1 billion. Azelis said the offer was oversubscribed multiple times. Consequently, it closed the offer period on Sept. 16, ahead of its expected close on Sept. 21.
"We are delighted to have successfully priced our IPO, an important step in our ambition to be the preeminent global innovation service provider for the specialty chemicals and food ingredients distribution market,” said CEO Hans Joachim Müller.
The significant raise, Müller said, will enable Azelis to continue investing in growth and strengthen its position as an international market leader. "I am extremely proud that we have been able to secure investment from such high-quality international institutions. This is a very exciting moment for us as we embark on the next stage of our journey."
Together with borrowings under new credit facilities, Azelis plans to use the money to pay down debt and fund acquisitions.
The IPO was the biggest in Brussels since 2007, when multi-metals manufacturer Nyrstar went public, according to data compiled by Bloomberg.
Author: Elaine Burridge, Freelance Journalist
