Avantor, an LBO'd provider of laboratory supplies and services, announced terms for its IPO on Friday.
The Radnor, PA-based company plans to raise $3.0 billion by offering 154 million shares at a price range of $18 to $21. Insiders are offering 100 shares. At the midpoint of the proposed range, Avantor would command a fully diluted market value of $8.6 billion.
Avantor was founded in 1904 and booked $5.9 billion in sales for the 12 months ended March 31, 2019. It plans to list on the NYSE under the symbol AVTR. Goldman Sachs, J.P. Morgan, BofA Merrill Lynch, Barclays and Jefferies are the lead bookrunners on the deal; other bookrunners include Credit Suisse, Deutsche Bank, Evercore ISI, Guggenheim Securities, Morgan Stanley, UBS Investment Bank, Citi, Cowen, Piper Jaffray, and RBC Capital Markets. It is expected to price during the week of May 13, 2019.
