Atmus Filtration Technologies Announces Closing of Initial Public Offering
May 30 2023 - 5:13PM
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.
A registration statement on Form S-1 relating to these
securities was filed with the SEC and became effective on May 25,
2023. This press release does not constitute an offer to sell or
the solicitation of an offer to buy any securities, and shall not
constitute an offer, solicitation or sale in any jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of that
jurisdiction. Any offers, solicitations or offers to buy, or any
sales of securities will be made in accordance with the
registration requirements of the Securities Act of 1933, as
amended.
About Atmus Filtration Technologies Inc.
Atmus Filtration Technologies Inc. is a global leader in
filtration and media solutions. For more than 65 years, the company
has combined its culture of innovation with a rich history of
designing and manufacturing filtration solutions. With a presence
in more than 150 countries on six continents, Atmus serves
customers across truck, bus, agriculture, construction, mining,
marine and power generation vehicle and equipment markets, along
with comprehensive aftermarket support and solutions. Headquartered
in Nashville, Tennessee (U.S.), Atmus employs approximately 4,250
people globally who are committed to creating a better future by
protecting what is important. Learn more at
https://www.atmus.com.
Forward-looking disclosure statement
This press release contains forward-looking statements that are
based on management's current expectations, but actual results may
differ materially due to various factors. There are significant
risks and uncertainties relating to the offering. Important factors
that could cause actual results to differ materially from
management’s expectations include, without limitation, capital
market risks and the impact of general economic or industry
conditions. There can be no guarantees that Atmus will achieve the
anticipated benefits of the IPO. Atmus’ ability to achieve the
anticipated benefits of the IPO may be materially affected by such
factors as changes to the business, results of operation or
financial condition of Atmus, changes in the filtration industry,
adverse market or macroeconomic conditions and other factors
outside Atmus’ control. For a further list and descriptions of the
risks, uncertainties and other factors that affect Atmus’ business,
please review its filings with the Securities and Exchange
Commission. Atmus undertakes no duty to update forward-looking
statements, except as may be required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20230530005687/en/
Investor relations: Todd Chirillo
investor.relations@atmus.com
Media relations: Keri Moenssen media.inquiries@atmus.com
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