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5/17, 5:27 PM (Source: TeleTrader)
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Avantor rises over 5% to $14.80 per share in IPO

Bio-pharma technology company Avantor Inc. debuted on the New York Stock Exchange on Friday at $14.80 per share, 5.71% higher than its set price of $14.

The company based in Pennsylvania said earlier in the day that it will offer 207,000,000 shares of its common stock at a price of $14 per share and 18,000,000 shares of its 6.250% Series A Mandatory Convertible Preferred Stock at $50 per share.

Avantor said it intends to use a portion of the funds raised in the initial public offering to redeem all outstanding shares of its existing Series A Preferred Stock and use the remaining proceeds to repay a portion of its outstanding indebtedness.

Breaking the News / NI