Ashland Inc. last Monday announced the launch of the Valvoline Inc. initial public offering of 30,000,000 shares of Valvoline's common stock. Valvoline expects to grant the underwriters an option to purchase up to an additional 4,500,000 shares of its common stock to cover over-allotments, if any. After the completion of the offering, Ashland will own 170,000,000 shares of Valvoline's common stock, representing 85% of the total outstanding shares of Valvoline's common stock (or approximately 83% if the underwriters exercise their over-allotment option in full).

Ashland said it hopes to raise up to $690 million in the IPO. “We expect the public offering price to between $20 and $23 per share,” Ashland stated in its prospectus in the registration statement.

In September 2015, Ashland Inc. announced plans to separate Ashland into two independent, publicly traded companies, Ashland Chemicals and Valvoline. In that announcement, Ashland said Valvoline will focus on building the engine and automotive maintenance business by providing hands-on expertise to customers in each of its primary market channels: Do-It-Yourself (DIY); Installers; Valvoline Instant Oil ChangeSM; and International. As an independent publicly traded company, Valvoline will focus on growing its network of Valvoline Instant Oil Change stores, leveraging the Valvoline brand across multiple channels to capture new market share, and expanding its presence in Asia, Europe, Latin America and other international markets.

Valvoline has applied for its common stock to be listed on the New York Stock Exchange under the symbol "VVV."

The offering is being made pursuant to a registration statement on Form S-1 filed with the Securities and Exchange Commission. A registration statement relating to these securities has been filed with the SEC, but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective.

In its fiscal year 2015, Valvoline generated $2 billion in sales, and $196 million in net income, according to the prospectus.