WASHINGTON (dpa-AFX) - Atmus Filtration Technologies Inc., the Filtration business unit of Cummins Inc. (CMI), announced the pricing of its initial public offering of 14.12 million shares of its common stock owned by Cummins at a price to the public of $19.50 per share.
The shares are expected to begin trading on the New York Stock Exchange (NYSE) on May 26, 2023 under the ticker symbol 'ATMU.'
Atmus is not selling any shares and will not receive any proceeds from the sale of shares in the offering. The offering is expected to close on May 30, 2023, subject to customary closing conditions.
The underwriters have been granted a 30-day option to purchase up to an additional 2.12 million common shares at the IPO price, less underwriting discounts and commissions.
Upon completion of the IPO, Cummins is expected to hold approximately 83.0% of Atmus, or 80.5% if the underwriters' option to purchase additional shares is exercised in full.
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