Avantor, an LBO'd distributor and manufacturer of laboratory supplies and services, lowered the proposed range and increased the share offering for its upcoming IPO on Thursday.
The Radnor, PA-based company now plans to raise $3.0 billion by offering 205 million shares at a price range of $14 to $15. The company had previously filed to raise roughly the same amount by offering 154 million shares at a range of $18 to $21. The company also now plans to raise $750 million by offering mandatory convertible preferred stock. At the midpoint of the revised range, Avantor will command a fully diluted market value of more than $8 billion, down about 9% from the original filing.
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, Jefferies, Credit Suisse, Deutsche Bank, Evercore ISI, Guggenheim Securities, Morgan Stanley, UBS Investment Bank, Citi, Cowen, Piper Jaffray and RBC Capital Markets are the joint bookrunners on the deal. It is expected to price on Thursday, May 16, 2019.
