Valvoline Inc., an engine and automotive-maintenance business being spun off from Ashland Inc., raised at least $660 million in its initial public offering.

The IPO of 30 million shares priced at $22 each on Thursday, within the expected range of $20 to $23 announced on Sept. 12.

Valvoline was one of the bigger names in a list of post-Labor Day IPOs expected to provide a rebound after a slow start this year.

As of late August, 2016 was on track to be the worst year for IPOs since the financial crisis, with 63 companies listing on U.S. exchanges and raising just $12.9 billion, according to Dealogic.

Shares of cosmetics company E.l.f. Beauty Inc. surged 56% during their first day of trading Thursday. On Wednesday, the company's IPO of 8.3 million shares was priced at $17 a share, above the estimated range of $14 to $16.

Ashland last year said it would separate Valvoline from Ashland's businesses that make chemicals and compounds used in products ranging from sunscreen and pharmaceuticals to fluids used in shale drilling.

After the IPO is complete, Ashland will own 170 million Valvoline shares. This represents an 85% stake, or 83% if the overallotment option if fully exercised.

Write to Josh Beckerman at josh.beckerman@wsj.com

 

(END) Dow Jones Newswires

September 22, 2016 21:05 ET (01:05 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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