Gates Industrial Corporation, a global manufacturer of power transmission belts and fluid power products, filed on Wednesday with the SEC to raise $100 million in an initial public offering. However, the deal size is likely a placeholder for an IPO that we estimate could exceed $500 million.
The Denver, CO-based company was founded in 1911 and booked $2.9 billion in sales for the 12 months ended September 30, 2017. It plans to list on the NYSE under the symbol GTES. Citi, Morgan Stanley, UBS Investment Bank, Barclays, Credit Suisse, Goldman Sachs and RBC Capital Markets are the joint bookrunners on the deal. No pricing terms were disclosed.
