Envista (NYSE:NVST), the dental business spinout from Danaher (NYSE:DHR), last week closed its initial public offering at $677 million, including more than $88 million from the underwriters.
Brea, Calif.-based Envista floated nearly 26.8 million shares at $22.00 apiece, grossing $588.9 million, plus more than 4.0 million shares in fully subscribed underwriters option. Net proceeds of about $643.4 million were paid back to Danaher, which still owns an 80.6% stake in Envista, that company said.
The spinout, announced in July 2018, unites the Nobel Biocare, KaVo Kerr and Ormco dental brands under the Envista umbrella.
J.P. Morgan, Goldman Sachs and Morgan Stanley were joint book-runners on the IPO, with Baird, Evercore ISI and Jefferies as co-book runners. BofA Merrill Lynch, Credit Suisse, Stifel and William Blair co-managed the offering.
As part of the spin-out, Danaher dental group head Amir Aghdaei was named president & CEO of the 12,000-worker business, joined by EVP Dan Daniel and SVP Daniel Raskas.
“Envista’s name is a combination of two Latin root words: ‘en’, a prefix meaning to be within, and ‘vista’, meaning a view. Our logo of concentric circles represents our ability to collaboratively achieve endless possibilities ahead. The Envista brand reflects the forward-looking energy that embodies our company culture,” Aghdaei said in June as the new brand was unveiled.
NVST shares closed up 2.8% Sept. 20, at $28.77 apiece.