CVC readies €20bn float for Evonik

Marion Dakers
CVC Capital Partners has taken a big step towards one of the biggest IPOs of the year, after it hired banks to run the €20bn (£17.4bn) float of German chemicals company Evonik.

It is understood that bankers in Germany from Goldman Sachs, Bank of America Merrill Lynch and Deutsche Bank have been brought in to advise on the Evonik float.

CVC and RAG Foundation, Evonik’s only two shareholders, have been mulling an initial public offering since CVC took a 25.01 per cent stake for €2.4bn in 2008, but set aside the plans as the financial crisis paralysed the markets.

The investors are looking to float the firm in Frankfurt before the end of the year.

Last week, Evonik raised its full-year earnings outlook, predicting a “clear rise” in sales and buttressing its plans to go public.