Atmus Filtration Technologies Inc.’s stock ATMU soared 14% Friday in their trading debut, after the Cummins Inc. CMI spinoff priced its initial public offering in the middle of its price range. The company sold 14.1 million shares priced at $19.50 each to raise $275 million. The stock is trading on the New York Stock Exchange, under the ticker ‘ATMU.’ Goldman Sachs and JP Morgan were lead book-running managers on the deal with 10 other banks acting as co-managers. While the company is issuing primary shares, Atmus will not receive any of the IPO proceeds; all of the proceeds will go to the debt-for-equity exchange parties, underwriters Goldman Sachs and JP Morgan, and will indirectly pay down parent Cummins’ debt, according to its filing documents. The company makes products for on-highway commercial vehicles and off-highway agriculture, construction, mining, and power generation vehicles and equipment, mostly under the Fleetguard brand. The company had pro forma net income of $34.9 million in the first quarter on sales of $418.6 million.
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