Cummins, a German diesel engine producer, is aiming to buck the recent initial public offering draught and bring its engine filtration unit to market on Friday.
Cummings said its IPO would raise about $275 million on Thursday, defeating volatile markets that are being shaken by uncertainty over a deal on the U.S. debt ceiling.
Atmos Filtration Technologies sold 14.1 million shares at $19.50 per share, up from $18.50 a share in the past quarter, the company said in a press release.
The value is at the midway point of the company's previous $18 to $21 per share range.
Companies say what they do and what they do.
Atmus' offering values ranged from $1.6 billion to $1.6 billion. Atmus provides filtration solutions for trucks, off-highway equipment, and power generation systems.
After the stock listing, Cummins will take control of about 83% of the company's shares.
The financial sector has been sceptical about whether the White House and Republicans in Congress can reach a deal to raise the debt ceiling before the June 1 deadline set by the U.S. Treasury.
The volatility in the markets has made it challenging to sell IPOs.
Companies have raised more than $2.2 billion in the first quarter of this year, compared to more than $42.6 billion during the same period in 2021.
Johnson Johnson launched its consumer health business Kenvue into the market, raising $3.8 billion earlier this month, in the largest IPO in this year.