The IPO Buzz: Atmus Filtration Technologies (ATMU) Launches $275 Million IPO

On the road again: Atmus Filtration Technologies Inc. (ATMU proposed), a spinoff from diesel engine manufacturer Cummins, jump-started the IPO market early today (Tuesday, May 16, 2023) by disclosing its IPO terms: 14.12 million shares at $18.00 to $21.00 to raise $275.43 million. The profitable company, whose products include fuel filters, lube filters, coolants and other chemicals for commercial trucks and off-highway heavy equipment, announced the launch of its IPO roadshow today before the U.S. stock market opened.

If the IPO is priced at the $19.50 mid-point, Atmus Filtration will have a market cap of about $1.62 billion.

Atmus Filtration’s IPO is set for pricing next week. This is a New York Stock Exchange listing.

Goldman Sachs and J.P. Morgan are the lead joint book-runners. The team includes four joint book-runners: Baird, BofA Securities, Wells Fargo Securities and HSBC. Today’s filing with the SEC showed that HSBC has joined the book-running team.

Six co-managers were named in today’s S-1/A filing: PNC Capital Markets, BTIG, ING, KeyBanc Capital Markets, Loop Capital Markets and Siebert Williams Shank.

For the 12 months that ended March 31, 2023, Atmus Filtration earned net income of $188.0 million on revenue of $1.6 billion.

After the IPO, Cummins will still own about 83 percent of the voting power of Atmus Filtration’s outstanding stock.

Stay tuned.

(For more information about these companies, please check thIPO Calendar and the individual IPO Profiles found on’s website.)


Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board. 

To see what time the NASDAQ IPOs are expected to trade, please log in to: then scroll down to IPO Message. 


Disclosure: Nobody on the staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The staff does not issue advice, recommendations or opinions.


Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.