Valvoline, a quick-lube chain and manufacturer of automotive lubricants being spun out of Ashland, announced terms for its IPO on Monday.
The Lexington, KY-based company plans to raise $645 million by offering 30 million shares at a price range of $20 to $23. At the midpoint of the proposed range, Valvoline would command a fully diluted market value of $4.3 billion.
Valvoline was founded in 1986 and booked $1.9 billion in sales for the 12 months ended June 30, 2016. It plans to list on the NYSE under the symbol VVV. BofA Merrill Lynch, Citi, Morgan Stanley, Deutsche Bank, Goldman Sachs and J.P. Morgan are the joint bookrunners on the deal. It is expected to price during the week of September 9, 2016.
