Atmus Filtration Technologies, the industrial and engine filtration business spun out of Cummins, announced terms for its IPO on Tuesday.
The Nashville, TN-based company plans to raise $275 million by offering 14.1 million shares at a price range of $18 to $21. At the midpoint of the proposed range, Atmus Filtration Technologies would command a market value of $1.6 billion.
Formed as a spinoff of engine manufacturer Cummins (NYSE: CMI), Atmus Filtration Technologies makes products for on-highway commercial vehicles and off-highway agriculture, construction, mining, and power generation vehicles and equipment. The company is responsible for designing and manufacturing advanced filtration products, principally under the Fleetguard brand, that enable lower emissions and provide asset protection by extending service intervals, reducing maintenance costs, and increasing uptime. Its products include fuel filters, lube filters, air filters, crankcase ventilation, hydraulic filters, and coolants and other chemicals.
Atmus Filtration Technologies was founded in 1958 and booked $1.6 billion in revenue for the 12 months ended March 31, 2023. It plans to list on the NYSE under the symbol ATMU. Goldman Sachs, J.P. Morgan, Baird, BofA Securities, Wells Fargo Securities, and HSBC are the joint bookrunners on the deal. It is expected to price during the week of May 22, 2023.
