iPad and iPhone’s Chemical specialist Company, AZ Electronic Materials is planning to launch an Initial Public Offering, worth $400m in London, the largest British IPOs this year.

The Company is currently owned by private firms, Carlyle Group and Vestar Capital Partners, which are having 83.5%, share worth $2bn.

The private equity holders are expecting to sell $300m of their shares.

The cash rose though listing will be further used to repay the debt of $800m.

By the end of June this year, the Company has already earned about 70 pc of its revenues of worth $610.6m in Asia. The Company is willing to list in London as most of its rivals are already in London.

Geoff Wild, Chief Executive of the AZ, said, "The proposed IPO will provide added impetus to the development of the company, enabling AZ to pursue new business opportunities in large and potentially high-growth markets that leverage our existing expertise and capabilities”.

The IPO is being organized by Banks like the UBS, Goldman Sachs and Deutsche Bank.

This IPO will be the first by Carlyle in European market, after having sold shares of a Belgium based vehicle tracking device maker, Transics NV, in the year 2007.

Carlyle had paid $530 million in 2004 for purchasing AZ from specialty chemical maker, Clariant, whereas Vestar bought the Company from Carlyle in 2007.