Atmus Filtration Technologies Raises $275 Million in IPO Despite Debt Ceiling Jitters
Cummins defies volatile financial markets and prices the IPO of its engine filtration unit, Atmus Filtration Technologies, to raise about $275 million. The offering values Atmus at $1.6 billion, and Cummins will control about 83% of the company's shares after the listing. Financial markets have been concerned over whether the White House and Republicans in Congress can reach a deal to raise the debt ceiling ahead of the June 1 deadline set by the U.S. Treasury.