SALT LAKE CITY - Huntsman Corp., one of the world's largest chemical firms, raised $1.45 billion in its initial public offering yesterday.

Demand for the company's 60.2 million common shares was stronger than anticipated, Wall Street analysts said.  

The bulk of the proceeds will be used to reduce debt.

The company has also committed about $100 million of the proceeds toward various family charities including the University of Pennsylvania's Wharton School and cancer research, chief executive Peter Huntsman told the media.

Until yesterday, Huntsman Corp. called itself the world's largest privately held chemicals manufacturer. For nine months ended Sept. 30, the company reported a net loss of $284.9 million on revenues of $8.36 billion. It operates 63 plants in 22 countries and employs 11,600.

Huntsman has a total debt of about $6.2 billion, including bond debt, due to a series of acquisitions and restructurings.

The company has a variety of holdings in the electronics sector, including the former Vantico, a supplier of soldermask materials for circuit boards.