Envista Holdings Corp., a spinoff of life sciences tools company Danaher Corp., raised $643.4 million via its IPO on the NYSE.
The Brea, Calif.-based company sold a total of 30,783,200 common shares at $22 apiece. This includes 4,015,200 common shares purchased as underwriters fully exercised the overallotment option given by the company.
Envista develops and sells dental products and services including implants, orthodontics and digital imaging technologies. Net proceeds from the offering have been paid to Danaher as partial payment for the dental businesses that Danaher transferred to the company in connection with the IPO. Danaher owns about 80.6% of Envista following the closing of the IPO.
J.P. Morgan, Goldman Sachs & Co. LLC and Morgan Stanley were the joint lead book-running managers for the IPO, while Baird, Evercore ISI and Jefferies were the book-running managers. BofA Merrill Lynch, Credit Suisse, Stifel and William Blair were co-managers for the offering.
