(Photo courtesy of Cummins)
Atmus Filtration Technologies Inc., the filtration business of Columbus-based Cummins Inc., is looking to raise more than $341 million in its proposed IPO. The company announced on Tuesday that it has launched an IPO roadshow to attract interest from potential investors.
In April 2022, Cummins announced plans to spin off the Nashville, Tennessee-based company then known as Cummins Filtration, which provides filtration products for trucks, off-highway industrial equipment and power generation systems. The company also makes products used in N95 respirators and face masks.
Cummins filed a registration statement for the Atmus IPO in February.
The IPO will offer 14,124,409 Atmus common shares currently owned by Cummins, with a 30-day option for the underwriters to purchase an additional 2,118,661 shares at the IPO price.
Atmus currently expects the IPO price to be between $18 and $21 per share. A start date for the IPO has not yet been announced.
When the IPO is complete, Cummins is expected to own 83% of Atmus’ outstanding shares, or 80.5% if the underwriters fully exercise their 30-day option to purchase the additional shares.
Steph Disher will lead Atmus Filtration Technologies as CEO post demerger. Disher joined Cummins in 2013 and was most recently Vice President of Cummins Filtration.
The company’s leadership team also includes Chief Financial Officer Jack Kienzler, Chief Human Resources Officer Mark Osowick, Chief Legal Officer Toni Hickey and Vice President of Engine Products Charles Masters.
In its most recent earnings report, Cummins said that its filtration segment revenue totaled $417 million for the first quarter, up from $382 million for the same period in 2022.
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