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.
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