(Bloomberg) — Indorama Ventures Pcl, the acquiring Thai chemicals company, is considering a US IPO of its integrated oxides and derivatives business, which could raise around $1 billion, according to people familiar with the matter.
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The Bangkok-listed company is working with financial advisers on the potential share sale, which could take place later this year, the people said, asking not to be identified as the matter is private. The proceeds could help Indorama spur growth and reduce debt, the people said.
Considerations are at an early stage and Indorama may decide not to pursue a deal, the people said. Details like size and timing are subject to change, they added. A representative from Indorama declined to comment.
Indorama Ventures has a presence in 35 countries with total 2021 sales of $14.6 billion, according to the website. The integrated Oxides and Derivatives business produces chemical intermediates and surfactants used in household and personal care products, agrochemicals, oilfield technologies, fuel and lubricant additives. The segment accounted for about 23% of the company’s revenue in 2022, the latest annual report shows. Indorama Ventures also manufactures polyethylene terephthalate and fibers.
The Thai company entered the ethylene oxide business in 2012 when it acquired the ethylene-producing units of Texas-based Old World Industries Ltd. acquired for $795 million. The company has continued to expand through acquisitions in recent years, including Brazil’s Oxiteno, which it bought from Ultrapar Participacoes SA for $1.3 billion last year.
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