Danaher Dental Arm Envista Rises After $589 Million IPO
Danaher’s Dental Arm Envista Raises $589 Million in U.S. IPO
(Bloomberg) -- Envista Holdings Corp., a dental products maker, rose as much as 31% after raising $589 million in its U.S. initial public offering.
The dental business of medical and industrial equipment manufacturer Danaher Corp. sold 26.8 million shares for $22 apiece on Tuesday, within the marketed range of $21 to $24. The shares closed up 27% to $27.95 Wednesday in New York trading, giving the company a market value of $4.3 billion.
Envista is going public as a year of high-profile IPOs are yielding mixed results after a summer lull. Software provider Cloudflare Inc. raised $525 million last week, exceeding its target, and its shares have risen 31% since then.
SmileDirectClub Inc., the online orthodontic supply company that priced its $1.35 billion IPO above its marketed range last week, has fallen 15% below its $23 a share offer price.
We Co., the parent company of WeWork, had intended to price its IPO this month, people familiar with the matter had said. Stung by declining valuation expectations and investor doubts about its corporate governance, the office-sharing company said Monday in a statement that it expects to complete its listing by the end of the year.
Envista, based in Brea, California, will use the IPO proceeds to pay Danaher for the dental business. Danaher retains about 83% of the total voting power of the company, the filings shows.
The offering was led by JPMorgan Chase & Co., Goldman Sachs Group Inc. and Morgan Stanley. Envista is trading on the New York Stock Exchange under the symbol NVST.
To contact the reporter on this story: Crystal Tse in New York at ctse44@bloomberg.net
To contact the editors responsible for this story: Liana Baker at lbaker75@bloomberg.net, Michael Hytha, Matthew Monks
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