Bain's IMCD sets IPO price range

Ellie Pullen
23 June 2014

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Dutch chemicals distribution company IMCD Group, backed by Bain Capital, has set the price range for its IPO and hopes to raise up to €460m with a market cap of up to €1.15bn.

The price range has been set at €19-23 per share, with plans to sell up to 20 million shares in total, up to 14.2 million of which will be new shares and up to 8.3 million will be secondary shares sold by IMCD's current shareholders.

Emma Holding, the holding company owned by Bain, will remain a significant shareholder in the company following the partial sale of its stake in the IPO.

The offer represents either a 40% or 46% free-float, the latter figure applying if the overallotment option is exercised in full.

A listing is expected to take place on 27 June on the Euronext Amsterdam under the ticker "IMCD". Deutsche Bank and Goldman Sachs have been appointed joint global coordinators for the flotation, as well as joint bookrunners alongside HSBC and Rabobank.

Bain acquired IMCD for €650m in December 2010. The deal saw the GP buy the business from AAC Capital Partners via its €3.5bn Bain Capital Europe Fund III vehicle.

According to unquote" data, a €395m senior debt package was provided by Lloyds TSB, ING Group and UBS, while a €105m mezzanine facility was supplied by KKR's mezzanine funds.

Founded in 1995 and headquartered in Rotterdam, IMCD is a distributor of speciality chemicals and food ingredients for a range of industries including pharmaceuticals, automobiles and industrials. It partners with around 1,600 suppliers and claims to have a customer base totalling 27,000.

Products sold through IMCD include antioxidants, preservatives and emollients for the personal care sector; chemicals for coatings such as resins, fillers and solvents; and plastics such as polyurethane.

The company employs 1,400 staff and has a market presence in 30 countries. It generated revenues of €1.2bn and an EBITDA of €97m in 2013.