Ashland and Valvoline said Sept. 28 that Valvolines initial public offering of 34.5 million shares of its common stock closed at a price to the public of $22 per share – raising $759 million – including the underwriters full exercise of their option to purchase 4.5 million shares to cover over-allotments. After the IPOs completion, Ashland will own 170 million shares, representing 83 percent of total outstanding shares of Valvolines common stock. In September 2015, Covington, Kentucky-based Ashland announced it would spin off Valvoline of Lexington, Kentucky.