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Investors Appear Underwhelmed By Avantor IPO

Tanzeel Akhtar

Chemicals company Avantor (NYSE: AVTR) made its debut on the New York Stock Exchange Friday morning. Avantor issued 205 million shares priced at $14.

Avantor shares opened for trade 11:10 a.m. at $14.72. The company had filed to raise roughly the same amount by offering 154 million shares at a range of $18 to $21.

The IPO lock-up period for Avantor will be 180 days. This is a contractual restriction preventing insiders who acquired shares of a company's stock before it went public from selling the stock for a stated period of time after it goes public.

Goldman Sachs, JPMorgan, BofA Merrill Lynch, Barclays, Jefferies, Credit Suisse, Deutsche Bank, Evercore ISI, Guggenheim Securities, Morgan Stanley, UBS Investment Bank, Citi, Cowen, Piper Jaffray and RBC Capital Markets are the joint book runners on the deal.

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