Gates Industrial, a global manufacturer of power transmission belts and fluid power products, announced terms for its IPO on Friday.
The Denver, CO-based company plans to raise $751 million by offering 38.5 million shares at a price range of $18 to $21. At the midpoint of the proposed range, Gates Industrial would command a fully diluted market value of $5.8 billion.
This Blackstone-backed deal follows Apollo's ADT (ADT), which set terms last week and plans to raise $2 billion.
Gates Industrial 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. It is expected to price during the week of January 22, 2018.
