Chief Executive Officer of Ingersoll-Rand Plc, Mike Lamach, said that its security unit, Allegion Plc, could have a market capitalization of around US$4 billion when it starts trading on the exchange later this year.

Allegion Plc is a security company that retails commercial and residential door locks. The value of each share would be around $40 if Allegion sticks to its plan of 100 million outstanding shares, Lamach said in a phone interview with Bloomberg. David Petratis was named CEO of the business. David Petratis formerly ran Quanex Building Products Corp.

Ingersoll, a company that specializes in climate-control tech and air-conditioning systems, said the split late last year came to effect after Nelson Peltz pushed for a breakup. According to various data sources, Peltz's Trian Fund Management LP had 4.5% stake of the total holdings in Swords, the Ireland-based spin-off of Ingersoll.

Allegion, also based in Ireland, planned to have its operating headquarters in Indiana. Allegion currently employs around 7,500 people in 35 countries, according to a statement released today.

"It's really creating the value that we thought we would create in terms of the estimated value. You really end up here with a company that, although you've got a couple of billion starting revenue, you've got enterprise value and market cap that's double that," Lamach said.