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Danaher spinoff Envista prices $588.9M IPO at middle of expected range

Envista Holdings Corp. priced its IPO at $22 per share — the middle of its previously announced price range.

The Danaher Corp. dental spinoff previously said it plans to price the offer of 26,768,000 common shares at between $21 to $24 per share. The company also granted underwriters a 30-day option to buy up to an additional 4,015,200 common shares.

Envista's shares will be traded on the NYSE under the ticker symbol NVST.

Gross proceeds from the IPO are expected to be $588.9 million, excluding any exercise of the underwriters of their option to buy additional shares. Net proceeds will be paid to Danaher as part of the consideration for the dental businesses that the company is transferring to Envista in connection with the offer.

Brea, Calif.-based Envista 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.

Following the offer, Danaher is expected to hold about 82.7% of the spinoff.

J.P. Morgan, Goldman Sachs & Co. LLC and Morgan Stanley are joint lead book-running managers for the offering, while Baird, Evercore ISI and Jefferies are book-running managers. BofA Merrill Lynch, Credit Suisse, Stifel and William Blair are co-managers for the IPO.