Atmus Filtration Technologies Announces Launch of Initial Public Offering
- Atmus Filtration Technologies has launched a roadshow for its proposed IPO, which could attract investor interest and potentially increase the stock price. The IPO price range of $18 to $21 per share suggests a positive valuation for the company.
- No negative takes identified.
The IPO is for 14,124,409 shares of the common stock of Atmus currently owned by Cummins. The underwriters will also be granted a 30-day option to purchase up to an additional 2,118,661 shares at the IPO price, less underwriting discounts and commissions.
The IPO price is currently expected to be between
A registration statement on Form S-1 relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). This announcement is being issued in accordance with Rule 134 under the Securities Act.
Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC will act as joint lead book-running managers and as representatives of the underwriters for the proposed offering. Baird, BofA Securities, Wells Fargo Securities and HSBC will also act as joint book-running managers. PNC Capital Markets LLC, BTIG, ING, KeyBanc Capital Markets, Loop Capital Markets and Siebert Williams Shank will act as co-managers. The proposed offering will be made only by means of a prospectus. When available, copies of the preliminary prospectus relating to the proposed offering may be obtained for free from (i) Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street,
About Atmus Filtration Technologies Inc.
Atmus Filtration Technologies Inc. is a global leader in filtration and media solutions. For more than 65 years, the company has combined its culture of innovation with a rich history of designing and manufacturing filtration solutions. With a presence in more than 150 countries on six continents, Atmus serves customers across truck, bus, agriculture, construction, mining, marine and power generation vehicle and equipment markets, along with comprehensive aftermarket support and solutions. Headquartered in
About Cummins Inc.
Cummins Inc., a global power leader, is a corporation of complementary business segments that design, manufacture, distribute and service a broad portfolio of power solutions. The company’s products range from diesel, natural gas, electric and hybrid powertrains and powertrain-related components including filtration, aftertreatment, turbochargers, fuel systems, controls systems, air handling systems, automated transmissions, axles, drivelines, brakes, suspension systems, electric power generation systems, batteries, electrified power systems, electric powertrains, hydrogen production and fuel cell products. Headquartered in
Forward-looking disclosure statement
This press release contains forward-looking statements that are based on management's current expectations, but actual results may differ materially due to various factors. These statements relate to the offering and the use of proceeds therefrom. There are significant risks and uncertainties relating to the offering. There can be no guarantees that the IPO will be consummated on the timeline anticipated or at all or that Cummins will achieve the anticipated benefits of the IPO. Cummins ability to consummate and achieve the anticipated benefits of the IPO may be materially affected by such factors as changes to the business, results of operation or financial condition of Atmus or Cummins, changes in the filtration and power solutions industries, adverse market or macroeconomic conditions and other factors outside Cummins control that could affect the advisability, pricing and timing of the potential IPO. For additional information about the factors that affect the Cummins and Atmus businesses, please see its respective filings with the SEC. Each of Cummins and Atmus undertakes no duty to update forward-looking statements, except as may be required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230516005673/en/
Investor relations:
Todd Chirillo
investorrelations@atmus.com
Media relations:
Keri Moenssen
media.inquiries@atmus.com
Source: Atmus Filtration Technologies Inc.
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