Diversey Holdings, which provides cleaning and hygiene products to the institutional and food and beverage markets, raised $692 million by offering 46.2 million shares at $15, well below the range of $18 to $21.
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. It also states that it is one of only two large, global players able to serve global strategic accounts. Diversey Holdings serves more than 85,000 customers in over 80 countries via its network of more than 1,400 technicians and approximately 8,500 employees globally.
Diversey Holdings 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 acted as lead managers on the deal.
