Belgian speciality chemicals and food additives distributor Azelis (Antwerp; www.azelis.com) aims to go public. The company, owned by Swedish investment firm EQT and Canadian financial group PSP Investments since 2018, says it expects the initial public offering (IPO) to raise around EUR 880m, which would make it the largest listing on the Euronext Brussels stock exchange in 14 years.

Azelis intends to use money from the IPO to pay down part of its EUR 1.6 bn debt and fund planned growth projects, said CEO Hans Joachim Müller, who has headed the Belgian group since 2012.

The timing of the IPO remains unclear, but experts anticipate that it could take a while. It is therefore also uncertain whether investors will be interested in signing up for the listing. Investment banks Goldman Sachs and JP Morgan have reportedly been commissioned with presenting the company to possible major shareholders.

Azelis employs around 2,800 people and generated sales of EUR 2.2 bn in 2020. Over the past few years, the company has pursued an international expansion strategy.