AlwaysFree: Azelis Seeks to Raise $1 Billion In Euronext IPO

Specialty chemicals distributor Azelis seeks to raise €880 million ($1.04 billion) in an initial public offering (IPO) on Euronext in Brussels. It will be one of the largest IPOs in the European chemical industry this year and will be the largest in Belgium over the past decade. The Antwerp-based company is targeting a valuation of more than €5 billion ($6 billion), Bloomberg reported, citing sources familiar with the matter. Azelis plans to use the IPO’s proceeds to cut some of its €1.6 billion ($1.9 billion) debt. Existing shareholders will also sell stock in the IPO.