Atmus Filtration Technologies, an industrial and engine filtration business spun out of Cummins, raised $275 million by offering 14.1 million shares at $19.50, the midpoint of the $18 to $21 range.
While the company is issuing primary shares, Atmus will not receive any of the IPO proceeds; all of the proceeds from this offering will be received by the debt-for-equity exchange parties, underwriters Goldman Sachs and JP Morgan, and will indirectly pay down parent Cummins' debt.
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 plans to list on the NYSE under the symbol ATMU. Goldman Sachs, J.P. Morgan, Baird, BofA Securities, Wells Fargo Securities, and HSBC acted as joint bookrunners on the deal.
