Gates Industrial (GTES) IPO Opens Flat

Today's IPO for Gates Industrial Corporation plc (NYSE: GTES) opened for trading at $19.05 after pricing its initial public offering of 38,500,000 of its ordinary shares at a price to the public of $19.00 per share.

Gates has granted the underwriters a 30-day option to purchase up to an additional 5,775,000 ordinary shares.

Gates intends to use the net proceeds from the offering primarily to, among other things, repay certain outstanding indebtedness.

Citigroup, Morgan Stanley and UBS Investment Bank are acting as joint book-running managers for the offering. Barclays, Credit Suisse, Goldman Sachs & Co. LLC and RBC Capital Markets are also acting as joint bookrunners for the offering. Blackstone Capital Markets, Deutsche Bank Securities, Wells Fargo Securities, Current Capital Securities LLC, KeyBanc Capital Markets, Siebert Cisneros Shank & Co., L.L.C., SunTrust Robinson Humphrey, Academy Securities, BTIG and Guggenheim Securities are acting as co-managers for the offering.

Gates is a global manufacturer of innovative, highly engineered power transmission and fluid power solutions. Gates offers a broad portfolio of products to diverse replacement channel customers, and to original equipment ("first-fit") manufacturers as specified components. Gates participates in many sectors of the industrial and consumer markets. Our products play essential roles in a diverse range of applications across a wide variety of end markets ranging from harsh and hazardous industries such as agriculture, construction, manufacturing and energy, to everyday consumer applications such as printers, power washers, automatic doors and vacuum cleaners and virtually every form of transportation. Our products are sold in 128 countries across our four commercial regions: the Americas; Europe, Middle East & Africa; Greater China; and East Asia & India.

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