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PE-Backed Avantor Nets $2.9B After Cutting IPO Price Range

Law360 (May 17, 2019, 10:25 AM EDT) -- Shares of private equity-backed laboratory supplier Avantor, represented by Simpson Thacher, were expected to begin trading Friday after the company raised $2.9 billion in an initial public offering that priced at the bottom of its reduced range.

Radnor, Pennsylvania-based Avantor Inc. sold 207 million shares at $14 each, at the low end of its price range of $14 to $15 late on Thursday. Avantor earlier on Thursday amended its U.S. Securities and Exchange Commission filing to lower its IPO price target from a previous range of $18 to $21. 

Avantor alleviated any funding shortfall stemming from the lower price range by increasing the amount of...

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