Atmus Filtration Technologies Inc. ATMU, +11.03% priced 14.1 million shares at $19.50 a share to raise $275.4 million in its initial public offering on Friday, the company said. The IPO is a spinoff from Cummins Inc. CMI, +0.80% in a relatively quiet year for equity offerings from major underwriters. In a sign of health, Atmus priced its IPO in the middle of its estimated price range of $18 to $21 a share with underwriters Goldman Sachs, J.P. Morgan, Baird, BofA Securities, Wells Fargo Securities and HSBC. The stock will trade on the New York Stock Exchange. Nashville-based Atmus manufactures filters and accessories for off-highway vehicles and commercial trucks.
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