Axalta Coating Systems Ltd. has priced and upsized its initial public offering from 45,000,000 to 50,000,000 of its common shares at $19.50 per share. The shares are expected to begin trading on Wednesday, November 12, 2014 on the New York Stock Exchange under the ticker symbol "AXTA." All of the shares are being offered by certain affiliates of The Carlyle Group (the "selling shareholders").
The selling shareholders have also granted the underwriters a 30-day option to purchase up to an additional 7,500,000 common shares. Axalta will not receive proceeds from the offering, including from any exercise by the underwriters of their option to purchase additional common shares.
Citigroup, Goldman, Sachs & Co., Deutsche Bank Securities and J.P. Morgan are lead book-running managers for the offering. Additional book-running managers are BofA Merrill Lynch, Barclays, Credit Suisse and Morgan Stanley. Co-managers are Jefferies, UBS Investment Bank, Baird, BB&T Capital Markets, Nomura and SMBC Nikko.