Indorama considers $1bn US IPO of unit
published : 17 Mar 2023 at 11:36
writer: Bloomberg News
Indorama Ventures Public Company Limited, the acquisitive Thai chemicals company, is considering a United States initial public offering of its integrated oxides and derivatives business that could raise about US$1 billion, according to people familiar with the matter.
The Bangkok-listed firm is working with financial advisers on the potential share sale, which could take place as soon as this year, the people said, asking not to be identified because the matter is private. The proceeds could help Indorama boost growth as well as reduce debt, the people said.
Considerations are at an early stage and Indorama could decide against pursuing a deal, the people said. Details such as size and timing could still change, they added. A representative for Indorama declined to comment.
Indorama Ventures has a presence in 35 countries with total revenue of $14.6 billion in 2021, its website shows. Its integrated oxides and derivatives division makes chemical intermediates and surfactants used for products in home and personal care, agrochemicals, oil field technologies, fuel and lube additives. The segment accounted for about 23% of the company’s 2022 revenue, its latest annual report shows. Indorama Ventures also manufactures polyethylene terephthalate and fibers.
The Thai firm entered into the ethylene oxide business in 2012 when it acquired the ethylene-producing units of Texas-based Old World Industries Ltd for $795 million. The company continues to expand via acquisitions in recent years, including Brazil’s Oxiteno, which it bought from Ultrapar Participacoes SA for $1.3 billion last year.
- indorama ventures
- united states