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Arysta LifeScience files for an IPO that could raise $500 million
Sep. 11, 2014
Arysta LifeScience
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Japan
Arysta LifeScience filed on Form F-1 with the SEC (US Securities and Exchange Commission) to raise up to $500 million in an initial public offering. The company plans to list on the NYSE under the symbol ARYS. Morgan Stanley, J.P. Morgan, Citi, Deutsche Bank, HSBC Corporation, Nomura Securities and Jefferies & Co. are the joint bookrunners on the deal. No pricing terms were disclosed.
Arysta's portfolio includes patented active ingredients and off-patent chemicals, including protection chemicals (herbicides, fungicides, insecticides) and nutritional stimulants. In 2013, it was the world's 12th largest agrochemical company by revenue.
Arysta was formed through the merger of Japan-based Tomen and Nichimen in 2001, and was acquired by Permira in 2008 for about $3 billion. The company's global sales span Latin America (39% 2013 revenue), Africa and Western Europe (19%), Japan and Central/Eastern Europe (15%), China/South Asia (14%) and North America (12%). Arysta's initial filing follows that of Adama Agricultural Solutions (ADMA.RC), an Israeli crop protection company that filed for a $300 million IPO in August.
Sales increased 3% to $1.5 billion for the fiscal year ended December 31, 2013, the most recent data available. The company attributes its growth to higher volumes and prices, especially in Latin America and China, and partially offset by decreases in Africa, Europe, North America and Japan. Its gross profit increased 10 bps to 35%. Arysta's consolidated segment income, a measure of cash flow, grew 3% to $284 million. It had $1.6 billion of debt at year-end.
Source: AgroNews
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