Hexion Holdings, which makes adhesives and performance materials used in engineered wood products, filed on Wednesday with the SEC to raise up to $100 million in an initial public offering. However, this is likely a placeholder for a deal we estimate could raise up to $250 million. The company is currently listed on the OTC (HXOH).
Hexion states that it is a leading global producer of adhesives and performance materials that enable the production of engineered wood products. Through its manufacturing network of 27 production facilities, the company serves highly diversified end-markets such as residential and non-residential construction, energy, automotive, and agriculture, with customers in the US, Europe, Asia, Latin America, Australia, and New Zealand.
The Columbus, OH-based company was founded in 1899 and booked $2.9 billion in revenue for the 12 months ended June 30, 2021. It plans to list on the NYSE under the symbol HXN. Hexion Holdings filed confidentially on March 13, 2020. Morgan Stanley is the sole bookrunner on the deal. No pricing terms were disclosed.
