Avantor started at outperform with $20 stock price target at Raymond James

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UPDATE: Chemicals company Avantor shares rise 4.5% in trading debut

Chemicals company Avantor Inc. shares rose 4.5% in their trading debut Friday, after underwriters priced the company’s initial public offering at $14 a share, the low end of its range. The company sold 207 million shares to raise $2.9 billion. The company also offered 18 million shares of its 6.252% Series A mandatory convertible preferred stock at $50 a share. The company will use the proceeds of the deal to redeem all of its existing Series A preferred stock and to repay some of its senior secured term loans. The common stock and preferred stock are trading on the New York Stock Exchange under the ticker symbols “AVTR” and “AVTR PRA.” Goldman Sachs and JPMorgan were lead underwriters on the dal with another 24 banks participating. Avantor makes products for the biopharma, health care, education and government and advanced tech industries. The company is mostly made up of VWR, which was taken private by private-equity firm New Mountain and Goldman Sachs in 2017. The company has more than $7 billion in debt.

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