Valvoline $759 million IPO

Overview:

• Motor oil and automotive lubricant provider Valvoline has raised $759 million in its IPO.
• The purchasers paid $22 per share.
• The IPO is part of a spin-off of Valvoline from manufacturing and chemical distribution company Ashland.
• Valvoline's offering comes amid an incredibly slow stretch for IPOs in the US.
• Cravath Swaine & Moore (Andrew Pitts, Susan Webster) and Dinsmore & Shohl advised Valvoline.
• Shearman & Sterling (Ilir Mujalovic, Jonathan DeSantis, Merritt Johnson) represented the underwriters. 

Kurt Stumpo - Journalist - North America and the Caribbean