Atmus Filtration launches IPO
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Tennessee-based Atmus Filtration Technologies Inc. launched its initial public offering Friday as it continues its spinoff from Columbus-based Cummins Inc. The company, which began trading on the New York Stock Exchange, looks to raise as much as $316 million with the IPO.
Atmus set its price to the public at $19.50 per share. The company has made 14,124,409 shares of common stock owned by Cummins available. Underwriters will have a 30-day option to purchase up to an additional 2,118,661 shares at the IPO price.
The company’s shares are trading on the NYSE under the ticker symbol ATMU.
When the IPO is completed, Cummins is expected to hold 83% of outstanding shares in Atmus, or 80.5% if the underwriters fully exercise their 30-day option to purchase the additional shares.
The IPO is expected to close on May 30.
Plans for Atmus to spin off from Cummins have been in the works since April 2022. Atmus makes filtration products for trucks, off-highway industrial equipment and power generation systems, as well as products used in N95 respirators and face masks.
In its most recent earnings report, Cummins said sales from filtration segment totaled $417 million in the first quarter, up from $382 million during the same period in 2022.
Steph Disher is set to lead Atmus Filtration Technologies as CEO following the spinoff. Disher joined Cummins in 2013 and most recently served as vice president of Cummins Filtration.