Diversey Holdings, which provides cleaning and hygiene products to the institutional and food and beverage markets, announced terms for its IPO on Tuesday.
The Northampton, United Kingdom-based company plans to raise $900 million by offering 46.2 million shares at a price range of $18 to $21. At the midpoint of the proposed range, Diversey Holdings would command a fully diluted market value of $5.9 billion.
Diversey's suite of solutions combines patented chemicals, dosing and dispensing equipment, cleaning machines, services, and digital analysis. The company states that it is the leading global pure play provider to the cleaning and hygiene industry for the institutional and food and beverage markets, where it holds the first or second position in the key markets in which it operates.
Diversey Holdings was founded in 1923 and booked $2.6 billion in sales for the 12 months ended December 31, 2020. It plans to list on the Nasdaq under the symbol DSEY. Citi, Morgan Stanley, Barclays, J.P. Morgan, BofA Securities, Credit Suisse, Goldman Sachs, Jefferies, RBC Capital Markets and UBS Investment Bank are the joint bookrunners on the deal. It is expected to price during the week of March 22, 2021.
