(Bloomberg) — Carlyle Group Inc. has revived plans for an initial public offering of specialty chemicals producer Nouryon, according to people with knowledge of the matter, as private equity firms globally gear up for a rebound in listings.

The US buyout group has asked investment banks including Barclays Plc and Goldman Sachs Group Inc. to help prepare an IPO of the business in New York that could take place as soon as early 2025, the people said.

Nouryon, which makes chemicals used in agriculture, paints and coatings and personal care products, could be valued at as much as €13 billion ($14.5 billion) in any listing, according to the people, who asked not to be identified discussing confidential information.

No final decisions have been made and the details of the planned offering, including the timing and size, could change, the people said. Representatives for Carlyle, Barclays and Goldman Sachs declined to comment. A spokesperson for Nouryon didn’t immediately respond to comment.

Carlyle and Singapore’s GIC Pte originally agreed to acquire Netherlands-based Nouryon from Akzo Nobel NV for €10.1 billion in 2018 — a deal that remains Carlyle’s largest in Europe. 

The private equity firm is separately exploring a sale of Nobian, according to the people. Nobian was spun out of Nouryon in 2021 and produces salts, chlorine and other chemicals found in solar cells, electric cars and insulation materials. Carlyle is working with advisers on a formal sale process for the industrial-focused unit, the people said. The Financial Times reported on the Nobian sale plan in August. 

Private equity groups are readying themselves for a more favorable exit environment for their investments after a period that has seen dealmaking stunted by higher interest rates and valuation pressures. The Federal Reserve is likely to cut rates when it meets later in September, a move that would be a boon to the market for first-time share sales.

(Adds detail on possible Nobian sale in sixth paragraph.)

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