Buyout group Carlyle (CG.O) is starting preparations for a stock market listing of German speciality chemicals group Atotech, a former part of oil group Total(TOTF.PA) which could be valued at around $5 billion, people close to the matter said.

The private equity investor has asked investment banks to pitch for roles in an initial public offering which is expected to take place in New York next year, two of the people said, while another person said a German IPO was also a possibility.

Carlyle declined to comment.

Atotech, a Berlin-based maker of speciality chemicals and equipment for printed circuit boards and semiconductors, posted adjusted earnings before interest, tax, depreciation and amortization of $329 million on sales of $1.2 billion last year.

Carlyle bought Atotech in 2016 at an enterprise value of $3.2 billion or 12 times its core earnings.

READ FULL ARTICLE HERE