Envista Holdings Corp. expects to price its IPO on the NYSE at between $21 to $24 per share.
The Danaher Corp. dental spinoff is offering 26,768,000 common shares to raise up to about $572.2 million at the midpoint of the price range.
J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC are acting as lead book‑running managers in the IPO and as representatives of the underwriters, which include Baird, Evercore ISI, Jefferies, BofA Merrill Lynch, Credit Suisse, Stifel and William Blair.
Underwriters of the IPO are granted the option to buy up to an additional 4,015,200 common shares.
Brea, Calif.-based Envista Holdings manufactures and sells dental consumables, equipment and services, including implants, orthodontics and digital imaging technologies. It will hold Danaher's three operating units under its dental business — Nobel Biocare Systems, KaVo Kerr and Ormco.
All of the offering's proceeds, together with about $1.3 billion term debt financing, will be used by Envista to pay Danaher as a partial consideration for the separation.
Following the completion of the IPO, Danaher will continue to own a majority of the total voting power in the dental manufacturer's outstanding shares.
