Vroom: Auto Company Valvoline Raises $660 Million In IPO - Autos - Nairaland
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| Vroom: Auto Company Valvoline Raises $660 Million In IPO by baress(m): 1:36pm On Sep 25, 2016 |
[b]It’s not the sexiest of businesses but Valvoline, which operates oil change centers across the U.S., just went public in one of the year’s biggest IPOs. The auto maintenance company raised $660 million in its public debut on Friday, which shares rising 10% to $24.10 at the beginning of trading. Valvoline had priced 30 million shares at $22 apiece on Thursday evening, which was within the expected range of $20 to $23 announced last week. Valvoline was founded in 1866 and runs the second-largest quick lube operation in the country with over 1,000 locations. It also sells car motor oils and other automotive lubricant products at stores like AutoZone AZO -0.45% andAdvance Auto Parts AAP +0.06%. In 2015, the company made $196 million in profits on revenue of $2 billion, and expects to pay shareholders a dividend after the IPO. Valvoline’s listing comes during an impossibly slow year for IPOs. Only some 68 companies have sought the public markets this year, according to Dealogic, compared to 138 companies that had gone public this time last year. Things have started to heat up a bit since Labor Day, though. Cosmetics company E.l.f Beauty raised $142 million in a public offering this week, with shares surging 56% during the first day of trading.[/b]
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