Avantor Boosts IPO to 205 Million Shares, Cuts Expected Price
May 16 2019 - 11:15AM
Dow Jones News
By Colin Kellaher
Chemical-materials maker Avantor Inc. Thursday raised the number
of shares it plans to sell in its initial public offering but
reduced the expected price range.
The Radnor, Pa., company said it will now offer 205 million
shares at an anticipated price of $14 to $15 each.
Avantor previously planned to sell 154 million shares at $18 to
$21 apiece.
At the $14.50 midpoint of the new range, Avantor said it expects
net proceeds of about $3.29 billion if the underwriters exercise
their option to buy an additional 30.75 million shares, down from
about $3.32 billion previously.
However, the company said it now expects to net up to $830
million from a concurrent offering of preferred stock, up from $553
million previously.
Avantor said it will use proceeds from both offerings to redeem
its existing senior preferred stock and to repay debt.
After the IPO and assuming the exercise of the overallotment
option, private-equity firm New Mountain Capital will own about 20%
of Avantor, while Goldman Sachs Group Inc. (GS) will hold 12% and
Canadian pension giant Public Sector Pension Investment Board will
owns 4%, according to a filing with the Securities and Exchange
Commission.
Avantor said it has applied to list its common shares on the New
York Stock Exchange under the symbol AVTR.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
May 16, 2019 11:00 ET (15:00 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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