Brea, California-based Envista, a dental products company being spun out of Danaher, raised over $588 million for its IPO after pricing its over 26.7 million shares at $22 per share. The stock began trading September 18, 2019 on the New York Stock Exchange under the ticker symbol “NVST.” J.P. Morgan, Goldman Sachs and Morgan Stanley are the lead underwriters.
BREA, Calif., Sept. 17, 2019 /PRNewswire/ — Envista Holdings Corporation, a subsidiary of Danaher Corporation (NYSE: DHR), announced today the pricing of its initial public offering (IPO) of 26,768,000 shares of its common stock at a price to the public of $22.00 per share. The shares are expected to begin trading on the New York Stock Exchange under the ticker symbol “NVST.” The gross proceeds of the offering, before deducting underwriting discounts and commissions and other offering expenses, are expected to be $588,896,000, excluding any exercise of the underwriters’ option to purchase additional shares. The offering is expected to close on September 20, 2019, subject to customary closing conditions.
Envista has granted the underwriters a 30-day option to purchase up to 4,015,200 additional shares of common stock at the initial price to the public, less underwriting discounts and commissions.
Following the IPO, Danaher is expected to hold approximately 82.7% of Envista (80.6% if the underwriters’ overallotment option is exercised in full). The net proceeds from the IPO are expected to be paid to Danaher as partial consideration for the dental businesses that Danaher is transferring to Envista in connection with the IPO.
J.P. Morgan, Goldman Sachs & Co. LLC and Morgan Stanley are joint lead book-running managers for the offering. Baird, Evercore ISI and Jefferies are book-running managers for the offering. BofA Merrill Lynch, Credit Suisse, Stifel and William Blair are co-managers for the offering.
The offering will be made only by means of a prospectus. Copies of the prospectus related to the offering may be obtained from:
J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by telephone at 866-803-9204 or by email at firstname.lastname@example.org;
Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, email: email@example.com, telephone: 1-866-471-2526, fax: 1-212-902-9316; or
Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, Second Floor, New York, New York 10014.
A registration statement relating to these securities was filed with, and declared effective by, the U.S. Securities and Exchange Commission (SEC). This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Envista is a global dental products company that develops and provides a comprehensive portfolio of dental consumables, equipment and services to dental professionals covering an estimated 90% of dentists’ clinical needs for diagnosing, treating and preventing dental conditions as well as improving the aesthetics of the human smile. Envista’s operating companies, Nobel Biocare Systems, Ormco and KaVo Kerr, serve more than one million dentists in over 150 countries.
Danaher is a global science and technology innovator committed to helping its customers solve complex challenges and improving quality of life around the world. Its family of world class brands has leadership positions in the demanding and attractive health care, environmental and applied end-markets. With more than 20 operating companies, Danaher’s globally diverse team of approximately 71,000 associates is united by a common culture and operating system, the Danaher Business System, and its Shared Purpose, Helping Realize Life’s Potential.