Rockwood, Canexus launch IPOs.(initial public offerings, Canexus Income Fund)

Specialty chemical producer Rockwood Holdings and Canexus Income Fund, the former chemical operations of Nexen, each launched initial public offerings (IPOs) earlier this month.

Rockwood offered 20.4 million shares, a 29% stake in the company, at $20/share on August 17, generating proceeds of approximately $408 million. The shares were priced 20%-30% below Rockwood's initial estimated range. The shares were trading close to the offer price at CW press time late last week.

Prior to the IPO, New York-based private equity firms Kohlberg Kravis Roberts (KKR) and DLJ Merchant Banking Partners (DLJMB) owned a 75% and 22% stakes in Rockwood, respectively. Roughly …