Atmus Filtration’s stock soars 14% in trading debut

Atmus Filtration Technologies Inc.’s stock
ATMU,
+13.33%
soared 14% Friday in their trading debut, after the Cummins Inc.
CMI,
+0.69%
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.