Diversey Holdings Ltd. is set to go public Thursday, after the hygiene and infection prevention products company’s initial public offering priced well below the expected range. The company said late Wednesday that it sold 46.15 million shares at $15 a share to raise $692.3 million, compared with the expected pricing range of between $18 and $21 a share. The IPO pricing dropped the value of the company to $4.56 billion from $5.92 billion at the midpoint of the expected range. The stock is expected to trade on the Nasdaq under the ticker symbol “DSEY.” Citigroup, Morgan Stanley and J.P. Morgan are the book-running managers. The company recorded a net loss of $38.5 million on revenue of $2.63 billion in 2020 after a loss of $109.0 million on revenue of $2.62 billion in 2019. The company is going public at a time of tempered investor demand for IPOs, as the Renaissance IPO ETF has dropped 12.3% over the past three months while the S&P 500 has gained 5.0%.
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