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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 …