cummins inc spinoff atmus filtration technologies inc raised 275 million in an initial public offering pricing its shares in the middle of a marketed range the company sold about 14 million shares thursday for 1950 each after marketing them for 18 to 21 according to a statement at the ipo price the nashville tennesseebased company has a market value of about 16 billion based on the outstanding shares listed in its filings with the us securities and exchange commission the listing the seventhbiggest on a us exchange this year adds to a slowly brightening market after a dismal first quarter which was the slowest start to a year since 2016 according to data compiled by bloomberg atmus follows the trading debut this month by another spinoff johnson  johnson’s consumer health products company kenvue inc kenvue’s 437 billion offering including socalled greenshoe shares has been the only ipo to top 1 billion in the us this year atmus’s fleetguard products include fuel air hydraulic and other filters for commercial vehicles as well as agricultural construction mining and powergeneration equipment reaching 150 countries the company derived 51 of its net sales last year from the us and canada as a business within cummins the unit’s net sales have grown over the past three years from 123 billion in 2020 to 156 billion last year according to the filings its 170 million in net income for 2022 though down slightly from the previous year was a 19 increase from 2020 cummins will own 83 of atmus’s shares and will continue to control the company after the listing according to the filings the offering is being led by goldman sachs group inc and jpmorgan chase  co as part of the transaction the spinoff of atmus will include a debtforequity exchange with the two banks rather than cummins selling its shares to the underwriters for cash atmus plans for its shares to begin trading friday on the the new york stock exchange under the symbol atmu