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GrafTech’s IPO could raise $907M

April 13, 2018

By: Adam Burroughs

GrafTech International Ltd. is going public and the initial offering of the Brooklyn Heights-based company could raise as much as $907 million, according to reports.

The shares are being offered by GrafTech’s sole stockholder, Brookfield Business Partners LP, which itself is owned by Brookfield Asset Management Inc., at an initial offering price per share between $21 and $24.

Bloomberg is reporting that GrafTech will seek a valuation of up to $7.3 billion, and that it’s been targeting a valuation of at least $8 billion.

Toronto-based Brookfield acquired GrafTech, which produces graphite electrodes used in mini-steel mills, in 2015 with an equity investment of about $855 million, according to Bloomberg.

J.P. Morgan Securities LLC and Credit Suisse Securities LLC are acting as joint lead book running managers and as representatives of the underwriters for the offering.

Additional joint book runners include:

  • Citigroup Global Markets Inc.
  • RBC Capital Markets LLC
  • HSBC Securities Inc.

Co-managers include:

  • BMO Capital Markets Corp.
  • BNP Paribas Securities Corp.
  • CIBC World Markets Corp.
  • National Bank Financial, Inc.
  • TD Securities LLC

GrafTech plans to list its common stock on the New York Stock Exchange under the ticker symbol EAF.