Power generation company Cummins announced that its filtration business has confidentially submitted a draft registration statement on Form S-1 with the U.S. Securities and Exchange Commission for a proposed underwritten initial public offering (the “IPO”) of newly issued common stock of the business in the U.S. The number of shares to be offered and the price range for the IPO have not yet been determined. The IPO is expected to commence after the completion of the SEC review process, subject to market and other conditions.
According to published reports, Cummins Filtration provides filtration products for trucks, off-highway industrial equipment and power generation systems, and last year generated $1.4 billion in revenue, up 17 percent year-over-year.