Valvoline Shares Open For Trade At $24.10 After Pricing At $22

Valvoline Inc VVV made its debut on the NYSE. The stock, which opened at $24.10, remained steady at about the $24 levels though it slipped to $23.82 for a brief period.

The company came out with 30 million shares IPO with a price range of $20-$23. The company raised $660 million at a price of $22 per share. Another 4.5 million shares are ear-marked to cover over-allotment.

The gains recorded are lower than the other two prominent IPOs, Trade Desk Inc TTD and Novan Inc NOVN, recorded earlier this week. Both companies delivered over 60 percent gains on day one.

Related Link: 7 IPOs Coming To Market By Week's End

As far as Valvoline is concerned, it's a spinoff unit from Ashland LLC ASH engaged in producing automotive lubricant. In 2015, the unit generated $2 billion revenue and recorded $196 million as profit. The company expects to reward its shareholders with a dividend following the IPO.

In all, 200 million shares are outstanding. Ashland retains the remaining 165.5 million shares of the company, or 83 percent stake..

Interestingly, Wall Street Journal reported that only 63 companies have raised about $12.9 billion and the current year could turn out to be the worst year as far as IPOs are concerned since the financial crisis.