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

Atmus Filtration Technologies

26/05/2023 17:03

(Adds share price, background)
       May 26 (Reuters) - Atmus Filtration Technologies Inc
 ATMU.N , the filtration solutions business of U.S. diesel
engine maker Cummins Inc  CMI.N , 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 Inc's  JNJ.N  consumer
health business Kenvue Inc  KVUE.N  went public, becoming the
largest public offering since Rivian Automotive Inc's  RIVN.O 
IPO in 2021. 
    Columbus, Indiana-based Cummins will now control about 83%
of the company's shares.

 (Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by
Maju Samuel)
 ((JaiveerSingh.Shekhawat@thomsonreuters.com;))