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SALT LAKE CITY (AP) -- Chemical giant Huntsman Corp. has filed a registration statement with the Securities and Exchange Commission for a proposed initial public offering of its common stock.
Huntsman said in a statement Wednesday that it expects to sell about raise about $1.25 billion in net proceeds from the offering.
The money will be used to repay debt and general purposes.
The Salt Lake City-based company is the holding firm that will own the existing Huntsman companies.
Huntsman International LLC is led by petrochemical entrepreneur and philanthropist Jon M. Huntsman. His son, Jon Jr., is Utah's governor-elect.
The company, which applied to list shares on the New York Stock Exchange as "HUN," did not reveal how many shares it plans to sell or their expected price range.
Huntsman has posted a string of losses since 2001, but narrowed its deficit to $82.3 million on sales of $8.36 billion in the first nine months of this year. It employs more than 11,500 workers at 63 manufacturing sites in 22 countries.
(Copyright 2004 by The Associated Press. All Rights Reserved.)