Gardner Denver, Inc. (GDI) IPO Opens UP 6%

Today's IPO for Gardner Denver, Inc. (NYSE: GDI) opened for trading at $21.25 after pricing 41,300,000 shares of its common stock at $20.00 per share.

Gardner Denver will receive net proceeds of approximately $781 million after deducting underwriting discounts and commissions and intends to use the net proceeds from the offering to redeem all $575 million aggregate principal amount of its 6.875% senior unsecured notes due 2021, to repay $160 million of borrowings under its senior secured dollar term loan facility and to pay certain expenses relating to this offering.

Goldman Sachs & Co. LLC, Citigroup, KKR Capital Markets, UBS Investment Bank, Simmons & Company International (Energy Specialists of Piper Jaffray), Deutsche Bank Securities, Baird, Credit Suisse and Morgan Stanley are acting as bookrunners of the offering, and William Blair, Stifel, HSBC, Macquarie Capital, Credit Agricole CIB and Mizuho Securities are acting as co-managers of the offering.

Gardner Denver is a leading global provider of mission-critical flow control and compression equipment and associated aftermarket parts, consumables and services, which it sells across multiple attractive end-markets within the industrial, energy and medical industries. Its broad and complete range of compressor, pump, vacuum and blower products and services, along with its application expertise and over 155 years of engineering heritage, allows Gardner Denver to provide differentiated product and service offerings for its customers' specific uses. Gardner Denver supports its customers through its global geographic footprint of 37 key manufacturing facilities, more than 30 complementary service and repair centers across six continents, and approximately 6,100 employees world-wide.

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