Recent initial public offerings in the Industrial IPOs category.
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Slide #1. Valvoline Inc. — Initial Public Offering
Price Per Share:
Ashland Global Holdings Inc. ("Ashland") and Valvoline Inc. ("Valvoline") today announced the pricing of Valvoline's initial public offering of 30,000,000 shares of Valvoline's common stock at a price to the public of $22.00 per share. In addition, Valvoline has granted the underwriters an option to purchase up to an additional 4,500,000 shares of its common stock to cover over-allotments, if any. After the completion of the offering, Ashland will own 170,000,000 shares of Valvoline's common stock, representing 85% of the total outstanding shares of Valvoline's common stock (or approximately 83% if the underwriters exercise their over-allotment option in full). Valvoline's common stock has been approved for listing on the New York Stock Exchange under the symbol "VVV" and is expected to begin trading on September 23, 2016. The offering is expected to close on September 28, 2016, subject to the satisfaction or waiver of customary closing conditions.