initial public offerings (IPOs) trading on American exchanges

Friday, May 1, 2020

Vontier withdraws estimated $1 billion IPO

Vontier, the global industrial company focused on transportation and mobility carved out of Fortive, withdrew its plans for an initial public offering on Thursday after delaying in the 1Q20, citing recent market and economic disruptions caused by the COVID-19 pandemic. It originally filed in February 2020 with a proposed deal size of $100 million, though we estimated the deal size would be closer to $1 billion.

Vontier provides critical equipment, components, software, and services to the mobility and transportation markets. Its major product groups are mobility technologies (77% of FY19 revenue) and repair and diagnostics technologies (23%). Its customers include retail and commercial fueling operators, commercial vehicle repair businesses, municipal governments, public safety entities, and fleet owners and operators across 30 countries.

Parent Fortive (NYSE: FTV) reported quarterly earnings on Thursday. The company's Industrial Technologies segment, which roughly represents Vontier, saw sales remain flat year-over-year at $609 million, while operating income dropped from $99 million (16.1% margin) to -$2 million (-0.2%).

The Raleigh, NC-based company traces its roots to 1986 and booked $2.8 billion in revenue for the 12 months ended December 31, 2019. It had planned to list on the NYSE under the symbol VNT. Goldman Sachs was set to be the sole bookrunner on the deal.

No comments:

Post a Comment