The IPO Buzz: Atmus Filtration Technologies (ATMU) on the Marquee in Late May

Just before the Memorial Day weekend begins, the IPO marquee features one big traditional deal – Atmus Filtration Technologies, Inc. (ATMU proposed). The Nashville-based company, which makes filters and accessories for commercial trucks and off-highway vehicles and heavy equipment, is being spun off by diesel engine maker Cummins (CMI). The IPO is set for pricing Thursday night (May 25) to trade Friday (May 26)  on the New York Stock Exchange. At 14.12 million shares, it’s not a huge IPO.  The price range is $18.00 to $21.00. Atmus Filtration Technologies’ IPO would raise $275.43 million, if priced at the $19.50 mid-point.

Goldman Sachs,  J.P.Morgan, Baird, BofA Securities, Wells Fargo Securities and HSBC are the joint book-runners.

“It’s a scoop of vanilla ice cream,” a veteran IPO trader says of the Atmus IPO.

The company is highly profitable. But it’s not from a sexy sector.

Atmus Filtration Technologies, founded in 1958, makes lube filters, air filters, hydraulic filters, crankcase ventilation, coolants and other chemicals used to keep the engines humming for big commercial trucks and off-road equipment used in agriculture, construction, mining and power generation.

Its biggest customers are Cummins, PACCAR/DAF (Kenworth and Peterbilt trucks) and the Traton Group (Navistar), the prospectus says. About 59 percent of its revenue comes from its commercial trucking clientele.

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

That round figure – $1.6 billion – also happens to be the market valuation of Atmus Filtration Technologies, assuming that the IPO is priced at the $19.50 mid-point.

Neither Cummins nor Atmus will receive a penny in IPO proceeds. Instead, the money raised in the IPO will go to pay off some of Cummins’ debt to Goldman Sachs and J.P. Morgan in a debt-for-equity exchange, according to the prospectus.

The Atmus deal headlines a light IPO Calendar for the week of May 22, 2023, which marks the countdown to the long Memorial Day weekend and the unofficial start of summer.

Azitra Inc. (AZTR proposed), a tiny dermatology biotech, is planning to price its micro-cap IPO on Wednesday night (May 24). The deal is a carry-over from last week.

A SPAC IPO – Inflection Point Acquisition Corp. II (IPXXU proposed) – is also on the pricing radar.

Stay tuned.

(For more information about these companies, please check the IPO 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.