September 16 2021, David R Brown
Global specialty chemical and ingredients distributor Azelis shares climb after EUR 1.77 billion Brussels IPO
Azelis, a leading global distributor of specialty chemicals and food ingredients industry, has completed its planned initial public offering (IPO) on the Euronext Brussels exchange. The Offering consisted of a primary offering of newly issued shares from a capital increase as well as a secondary component from existing shareholders.
As a public company, we believe we will be able to fully capitalize on growth opportunities, continuing to complement our strong organic growth with accretive acquisitionsDr. Hans Joachim Müller
Chief Executive Officer of Azelis
The price range for the Offering was initially set at EUR 22.00 to EUR 26.00 per Offer Share with the company looking to raise €880m in a public flotation through 40,000,000 newly issued Shares (the "Primary Tranche") (based on the bottom of the Price Range), to pay down debt and support its growth plans, in one of the largest flotations on the Belgian bourse in several years. In addition to the Primary Tranche, up to 25,396,424 existing Shares (the "Secondary Tranche") was offered by: (i) Akita I S.à r.l. ("Akita"), (ii) PSP Investments Holding Europe Limited ("PSP Europe") and (iii) certain Directors, members of the executive committee, other employees and consultants of the Group. The shares soared as much as 15% in Brussels from the IPO price of EUR 26.00. The offering priced at the top end of an initial range, valuing Azelis at EUR 6.1 billion. The company and its shareholders raised a total of EUR 1.77 billion euros (USD 2.1 billion) in the deal.
Azelis is the sixth-largest chemicals distributor in the world and has a long history of private-equity ownership. However, it has been mulling a move into the public domain for many years. The firm had been examining a listing for 2017-19 when it was owned by Apax Partners, and again in 2018 when it was acquired by buy-out house EQT.
Dr. Hans Joachim Müller, Chief Executive Officer of Azelis, commented: “We have made great progress with the support of EQT in delivering our growth strategy to date, establishing ourselves as a market leading innovation service provider for the specialty chemicals and food ingredients industry. However, there remains great opportunity ahead. As a public company, we believe we will be able to fully capitalize on growth opportunities, continuing to complement our strong organic growth with accretive acquisitions. We are focused on being the preeminent global innovation service provider for the specialty chemicals and food ingredients distribution market.”
The firm used Goldman Sachs and JP Morgan as joint global coordinators and bookrunners, and Lazard is providing financial advice.
Azelis is a leading distributor of speciality chemicals and food ingredients present in over 50 countries across the globe with around 2,500 employees. Our knowledgeable teams of industry, market and technical experts are each dedicated to a specific market within Life Sciences and Industrial Chemicals. We offer a lateral value chain of complementary products to more than 45,000 customers, supported by ~2,200 principal relationships, creating a turnover of €2.22 billion (2020).
Source(s): Azelis Press Release