Apollo's Taminco in disappointing stock exchange debut

The fall in share price valued the company at just less than $900m, with Apollo's 94.7% stake reported to be valued at around $702m; a far cry from the €1.1bn the GP is thought to have paid to buy the company from CVC in 2011. Apollo's stake has fallen to around 72% due to dilution.

Taminco priced its IPO of 15.8 million shares at $15 each, below the expected $18-20 range. The issue raised $237m.

Taminco filed a provisional IPO listing prospectus with US regulator SEC in February. Goldman Sachs, Credit Suisse, Deutsche Bank, Citigroup, UBS and Nomura were all named as guarantors in the interim IPO prospectus.

The decision to list in the US followed abandoned plans to list in Belgium. At the time of the abandoned attempts, the firm planned to issue shares priced at €11-14 and to raise up to €421.5m.

For the firm's previous private equity backer CVC, the company proved more profitable; the GP was reported to have reaped 3x its original investment of €800m in 2007.

Company
Founded in 2003 and based in the Port of Ghent region, Taminco produces alkylamines and alkylamine derivatives. The firm's products are used as ingredients in the manufacture of products in agriculture, water treatment, personal care, home care, animal nutrition and oil and gas end-markets.

Taminco is reported to have EBITDA margins of more than 20%. The firm has seven production sites located in Belgium, Germany, the US, Brazil and China and employs around 780 staff.

People
Scott Kleinman is lead partner of Apollo's private equity division.

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