Valvoline (VVV) Files for $100M IPO

Valvoline Inc. (NYSE: VVV) filed with the U.S. SEC for an IPO of its common stock. The proposed maximum offering price is $100 million. The company plans to list on the NYSE under the ticker, VVV.

The offering is being made through BofA Merrill Lynch, Citigroup, and Morgan Stanley.

Financial commentary: "In fiscal 2015, we generated approximately $2.0 billion in sales, $422 million in Adjusted EBITDA and $196 million in net income. During the same period, our Adjusted EBITDA margin, which we define as Adjusted EBITDA as a percentage of sales, was 21.5%. In addition, we generated free cash flow of $285 million and cash flows provided by operating activities of $330 million during fiscal 2015."

Valvoline is one of the most recognized and respected premium consumer brands in the global automotive lubricant industry, known for our high quality products and superior levels of service.

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