This is abit weird Cummins spun this co out as an IPO but retained 80%?
Nothing went to the co in the IPO-- No $'s ??
Atmus Filtration Technologies Announces Closing of Initial Public Offering
May 30, 2023
NASHVILLE, Tenn., May 30, 2023--(
BUSINESS WIRE)--Atmus Filtration Technologies Inc. (Atmus; NYSE: ATMU), a global leader in the filtration industry, today announced the closing of its initial public offering ("IPO") of 16,243,070 shares of its common stock at a price to the public of $19.50 per share, including the underwriters’ full exercise of their option to purchase 2,118,661 additional shares. Shares of Atmus’ common stock began trading on the New York Stock Exchange under the symbol "ATMU" on May 26, 2023.
The shares were sold by Cummins through a debt-for-equity exchange. As of the closing of the IPO, Cummins Inc. (Cummins; NYSE: CMI) owns approximately 80.5% of the total outstanding shares of Atmus common stock. Cummins has publicly stated its intention to make a tax-free split-off, pursuant to which Cummins will offer its stockholders the option to exchange their shares of Cummins common stock for shares of Atmus common stock in an exchange offer.
Atmus did not sell any shares and did not receive any proceeds from the sale of shares in the offering.
Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC acted as joint lead book-running managers and as representatives of the underwriters for the offering. Baird, BofA Securities, Wells Fargo Securities and HSBC also acted as joint book-running managers. PNC Capital Markets LLC, BTIG, ING, KeyBanc Capital Markets, Loop Capital Markets and Siebert Williams Shank acted as co-managers.
