Sunday, 28 May 2023


Cummins’ filtration unit valued at $1.8 billion in strong market debut By Reuters

Cummins' filtration unit valued at $1.8 billion in strong market debut

© Reuters. FILE PHOTO: Cummins logo is seen displayed in this illustration taken April 10, 2023. REUTERS/Dado Ruvic/Illustration

(Reuters) -Atmus Filtration Technologies Inc, the filtration solutions business of U.S. diesel engine maker Cummins Inc (NYSE:), fetched a valuation of $1.8 billion in a strong market debut on Friday.

The company’s shares opened at $21.67, up 11% from their initial public offering price of $19.5 a share.

Atmus raised about $275 million by selling 14.1 million shares. The company had previously guided the IPO could be priced at between $18 and $21 per share.

Financial markets have been on edge as the deadline to raise the U.S. government’s debit limit inches closer. There has been some progress in the talks between the White House and Republicans, as the June 1 deadline set by the U.S. Treasury looms.

Atmus joins a growing list of new entrants to U.S. stock exchanges which are being viewed as a sign of a thawing IPO market.

Earlier this month, Johnson & Johnson (NYSE:) Inc’s consumer health business Kenvue Inc went public, becoming the largest public offering since Rivian Automotive Inc’s IPO in 2021.

Columbus, Indiana-based Cummins will now control about 83% of the company’s shares.

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