(Bloomberg) -- Cummins Inc. spinoff Atmus Filtration Technologies Inc. rose 11% in its trading debut after raising $275 million in an initial public offering priced in the middle of a marketed range.

Atmus shares, which sold for $19.50 in the IPO, opened trading Friday at $21.67. They closed at $21.65 in New York trading, giving the Nashville, Tennessee-based company a market value of $1.8 billion. 

The listing, the seventh-biggest on a US exchange this year, adds to a gradually brightening market after a dismal first quarter, which was the slowest start to a year since 2016, according to data compiled by Bloomberg. Atmus follows the trading debut this month by another spinoff, Johnson & Johnson’s consumer health products company Kenvue Inc. Kenvue’s $4.37 billion offering, including so-called green-shoe shares, has been the only IPO to top $1 billion in the US this year.

Atmus’s Fleetguard products include fuel, air, hydraulic and other filters for commercial vehicles as well as agricultural, construction, mining and power-generation equipment. Reaching 150 countries, the company derived 51% of its net sales last year from the US and Canada.

As a business within Cummins, the unit’s net sales have grown over the past three years, from $1.23 billion in 2020 to $1.56 billion last year, according to the filings. Its $170 million in net income for 2022, though down slightly from the previous year, was a 19% increase from 2020.

Cummins owns 83% of Atmus’s shares and will continue to control the company, according to filings with the U.S. Securities and Exchange Commission.

The offering was led by Goldman Sachs Group Inc. and JPMorgan Chase & Co. As part of the transaction, the spinoff of Atmus included a debt-for-equity exchange with the two banks, rather than Cummins selling its shares to the underwriters for cash.

Atmus shares are trading on the the New York Stock Exchange under the symbol ATMU.

(Updates with closing price in second paragraph)

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