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Valvoline shares open at $24.10 in market debut

Elizabeth Gurdus, CNBC news associate
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Shares of Ashland spinoff Valvoline opened at $24.10 in its market debut on Friday, 9.5 percent above its IPO price.

Valvoline priced its IPO at $22 a share, raising $660 million. The IPO of 30 million shares, trading under the ticker symbol "VVV," was in the expected range of $20 to $23 a share.

Valvoline CEO Samuel Mitchell attributed its success to the company's strong channels of distribution to DIY consumers as well as its more customer-focused approach as opposed to its larger, more integrated competitors.

"We call it hands-on expertise and attitude to move faster and work closely with our trade partners," he told CNBC's "Squawk on the Street" Friday.

While Mitchell noted that Valvoline will need to keep an eye on ride-sharing trends moving forward, he remains optimistic. With over 280 million cars and trucks on the roads, "Valvoline is going to be needed for many, many years, and we're going to grow with the market and grow our market share," he said.