Kraton Performance Polymers, a maker of polymers for such industrial and consumer applications as footwear, adhesives, and paving and roofing supply, has completed an initial public offering. The company sold 10.3 million shares on Wednesday priced at $13.50 each, below the expected price range of $16 to $18.
Kraton, which will trade on the New York Stock Exchange under the symbol KRA, plans to use proceeds from its IPO for debt reduction and future growth. Kraton is owned by private-equity firm TPG Inc. and JPMorgan Chase & Co.'s (JPM) private-equity business.
The subsidiary of Polymer Holdings LLC was profitable in 2008 after losses the previous two years. Last month, it reported third-quarter earnings dropped by more than a third as sales slid.
