UPDATE 1-AZ Electronic prices IPO at 240 pence

* AZ prices IPO at bottom of narrowed 240-250 pence range

* Sale of 42 pct stake raises 382.8 million pounds

(Adds detail)

LONDON, Oct 29 (BestGrowthStock) – AZ Electronic Materials priced
its London listing at 240 pence per share on Friday, valuing the
maker of chemicals used in Apple’s (AAPL.O: ) iPad at 914.2
million pounds ($1.46 billion).

The price was at the bottom of a narrowed range of 240 to
250 pence per share, and the midpoint of the company’s initial
price guidance of 200 to 280 pence. [ID:nLDE69R0M]

The sale of 104.7 million new shares and 54.8 million
secondary shares represented a 42 percent stake in the company,
prior to a 15 percent overallotment option, AZ said, raising
382.8 million pounds.

Private equity firms Carlyle Group [CYL.UL] and Vestar
Capital Partners — who each owned 41.8 percent stakes in AZ
prior to the initial public offering (IPO) — planned to reduce
their holdings to around 21 percent each, a source close to the
deal said on Thursday.

AZ supplies leading makers of integrated circuits and flat
panel displays, including Samsung (005930.KS: ), Toshiba (6104.T: )
and Hynix (000660.KS: ).

UBS, Goldman Sachs and Deutsche Bank were joint sponsors and
bookrunners of the deal.

($1=.6281 Pound)

(Reporting by Kylie MacLellan)

UPDATE 1-AZ Electronic prices IPO at 240 pence