Plastic manufacturer Trinseo SA said on Friday that it had decided to withdraw its proposal for an initial public offering. Trinseo SA is backed by Bain Capital and the previously announced IPO valued at US$400 million.
Trinseo SA was formerly known as Styron Corp. It has filed an intention for an IPO to go public in 2011.
The lead underwriters for the said offering were Goldman Sachs, Deutsche Bank Securities, Barclays Capital and Citigroup.
Bain Capital acquired Styron Corp. from Dow Chemical at US$1.63 billion in 2010. The decision stated on Friday was arrived when a number of private equity firms are looking to exit key investments through initial public offerings.
Trinseo SA is based in Berwyn, Pennsylvania. The net proceeds of the supposed IPO was said to be used to pay the company's debt. The firm intended to list its shares under the symbol "TSE". However, on Friday it had decided not to pursue the said offering.
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