Akbari Chemical Industries ltd shares 7.6% to $1.23 per share in initial public offering

Chemical Industries International Ltd.

(AkkB) said Thursday it plans to file its initial public offerings later this year.

The company said it expects to raise $4.2 billion in the initial public offer.

The public offering will take place in Tokyo, Japan.

Akbari, which makes chemicals and is based in the United Arab Emirates, said it plans on operating its business in Asia and Europe for several years.

The U.K.-based company also has an international division.

The stock has lost a quarter of its value since the beginning of the year.