Taminco Global Chemical Corp., a chemical maker owned by Apollo Global Management LLC (APO:US), increased the funds it’s seeking to raise in a U.S. initial public offering to $300 million, according to a regulatory filing.
The company, based in Allentown, Pennsylvania, didn’t say how many shares it plans to sell or when it expects to complete the offering. Taminco announced in December that it planned to seek $250 million in the offering, according to company filings. The ultimate amount raised may change.
Citigroup Inc., Goldman Sachs Group Inc., Credit Suisse Group AG and JPMorgan Chase & Co. are leading the sale, and Apollo will remain the majority shareholder after the IPO, the filings show. Taminco plans to apply for a listing on the New York Stock Exchange under the symbol TAM.
The company said it will use the proceeds from the IPO to repay debt. Taminco reported a net loss of $28 million for the year ended Dec. 31, and had about $1.2 billion of long-term debt at the end of that period, according to its filing.
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