US paints and coatings maker Axalta Coating Systems, the former automotive coatings business of DuPont, is planning an initial public offering (ipo), according to a filing with the regulatory authority US Securities and Exchange Commission.

The company, currently owned to 95% by private equity investor Carlyle Group, has not yet revealed the timing of the stock launch or details of pricing and the number of shares to be floated.  However, the news agency Reuters said banks hired by Carlyle to handle the transaction are expecting to raise up to $1.6 billion.

Citigroup, Goldman Sachs, Deutsche Bank, and J.P. Morgan are listed as book runners, along with BofA Merrill Lynch, Barclays, Credit Suisse and Morgan Stanley.

Axalta said it intends to use any net proceeds from the offering, plus cash on hand, to pay down debt.

Based in Philadelphia, the former DuPont business makes liquid and powder coatings for the automotive and general transportation industries. It operates 35 manufacturing centers and does business in more than 130 countries.