Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<div>Established in 1993, Atotech is a specialty chemicals company, getting ready for an IPO on the NYSE in the next few weeks. <span>Headquartered in Berlin, Germany, Atotech makes specialty chemicals and equipment for printed circuit boards and semiconductors and more than a third of its sales come from smartphones. The company is the number one player in the global EL plating chemistry market, global GMF plating chemistry market, and the global horizontal plating equipment for PCB production. </span>
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<p>Atotech is expected to complete its IPO in February. Atotech will likely be one of the largest specialty chemicals related IPOs in the US this year. The company put the initial IPO placeholder at $100 million but it appears the company could raise nearly $1 billion. Atotech is backed by the Carlyle Group. <a href="https://www.reuters.com/article/us-carlyle-atotech-ipo/german-speciality-chemicals-group-atotech-to-list-on-nyse-idUSKBN1ZF230" target="_blank" rel="noopener">Reuters</a> has mentioned that Atotech could be valued at about $5 billion (including debt). In October 2016, Carlyle purchased Atotech from Total at an enterprise value of $3.2 billion, valued at 11.9x EBITDA (2015).</p>
<p>The company generated sales of $1,212.8 million in 2018, up 2.4% YoY. It had sales of $877.4 million in 1Q-3Q19, down 4.6% YoY. The company generated operating margin of 15.2% in 2017, 13.9% in 2018, and 15.6% in 1Q-3Q19. Overall, the company's sales growth is not that impressive; however, the company generates solid operating profit.</p>
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Established in 1993, Atotech is a specialty chemicals company, getting ready for an IPO on the NYSE in the next few weeks. Headquartered in Berlin, Germany, Atotech makes specialty chemicals and equipment for printed circuit boards and semiconductors and more than a third of its sales come from smartphones. The company is the number one player in the global EL plating chemistry market, global GMF plating chemistry market, and the global horizontal plating equipment for PCB production. 

Atotech is expected to complete its IPO in February. Atotech will likely be one of the largest specialty chemicals related IPOs in the US this year. The company put the initial IPO placeholder at $100 million but it appears the company could raise nearly $1 billion. Atotech is backed by the Carlyle Group. Reuters has mentioned that Atotech could be valued at about $5 billion (including debt). In October 2016, Carlyle purchased Atotech from Total at an enterprise value of $3.2 billion, valued at 11.9x EBITDA (2015).
The company generated sales of $1,212.8 million in 2018, up 2.4% YoY. It had sales of $877.4 million in 1Q-3Q19, down 4.6% YoY. The company generated operating margin of 15.2% in 2017, 13.9% in 2018, and 15.6% in 1Q-3Q19. Overall, the company's sales growth is not that impressive; however, the company generates solid operating profit.


Netherlands

Atotech B.V. specializes in metal and surface finishing technologies. The Company offers plating chemicals, equipment, and services for printed circuit board, package substrate, and semiconductor manufacturing, as well as decorative and functional surface finishing.

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Atotech BV (0307980D NA)

Atotech IPO Preview

Established in 1993, Atotech is a specialty chemicals company, getting ready for an IPO on the NYSE in the next few weeks. Headquartered in Berlin,...

Douglas Kim

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