Kraton Performance Polymers, a leading producer of styrenic block copolymers (SBCs) and backed by TPG and JP Morgan Partners, announced details of its IPO on Wednesday. The Houston, TX-based company plans to raise $175 million by offering 10.3 million shares at a price range of $16.00 to $18.00. At the mid-point of the proposed range, the company will command a market value of $504 million. Kraton Performance Polymers, which was founded in 2003 and booked $960 million in sales over the last 12 months, plans to list on the NYSE under the symbol KRA. Credit Suisse, BofA Merrill Lynch and Morgan Stanley are the top three underwriters on the deal, which is expected to price during the week of 12/14/09.
Following the IPO, Kraton's financial sponsors TPG (formerly Texas Pacific Group) and JP Morgan Partners will hold a 65% ownership stock in the company.
