Trinseo, the former Dow Chemical styrenics, engineeering and synthetic rubber business trading until recently as Styron, filed for an initial public offering (ipo) on Mar.14.

The business bought by private equity group Bain Capital for $1.63 billion in 2010 said it will use the proceeds to pay down debt.

The filing, which did not reveal how many shares were planned to be sold or their expected price, values the company's stock at $200 million. Lead underwriters include Goldman Sachs, Deutsche Bank Securities, Citigroup and Morgan Stanley

A stock market launch had been planned for 2011; however, the plans were withdrawn in 2013. 

Berwyn, Pennsylvania-based Trinseo's emulsion polymers business produces latex and synthetic rubber; its styrenics business includes ABS, SAN and PS. The engineering plastics segment includes polycarbonate (PC) along with PC compounds and blends and polypropylene (PP) compounds.

The U.S. company with 35 manufacturing plants worldwide had 60% of its 2013 sales of $5.3 billion in Europe in 2013, a further 23% in Asia-Pacific and 13% in the U.S. It reported a net loss of $22.2 million in 2013, compared with a profit of $30.3 million in 2012.