Ashland Global Holdings Inc. and Valvoline Inc. last Thursday announced the pricing of Valvoline's initial public offering of 30,000,000 shares of Valvoline's common stock at a price to the public of $22.00 per share.

In addition, Valvoline granted the underwriters an option to purchase up to an additional 4,500,000 shares of its common stock to cover over-allotments, if any. Ashland stated that 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).

Valvoline's common stock was approved for listing on the New York Stock Exchange under the symbol "VVV" and was expected to begin trading on Friday September 23, 2016. The offering is expected to close on September 28, 2016, subject to the satisfaction or waiver of customary closing conditions.

The stock opened on Friday at $24.10/share, hit a high of $24.51/share and closed at $23.10 on volume of a little over 35,000,000 shares traded. Valvoline raised $660 million in the fourth largest deal this year.