- 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