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Feb

Raising the roof: Foundation Building Materials sets terms for $230 … – Nasdaq


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Foundation Building Materials, a North American distributor of wallboard, ceiling systems and other building products, announced terms for its IPO on Tuesday.

The Tustin, CA-based company plans to raise $230 million by offering 12.8 million shares at a price range of $17 to $19. At the midpoint of the proposed range, Foundation Building Materials would command a market value of $770 million.

Foundation Building Materials was founded in 2011 and booked $1.9 billion in sales for the 12 months ended September 30, 2016. It plans to list on the NYSE under the symbol FBM. Deutsche Bank, Barclays, RBC Capital Markets and Citi are the joint bookrunners on the deal. It is expected to price during the week of February 6, 2017.

The article Raising the roof: Foundation Building Materials sets terms for $230 million IPO originally appeared on IPO investment manager Renaissance Capital’s web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital’s research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital, the Renaissance IPO ETF (symbol: IPO) or the Global IPO Fund (symbol: IPOSX) , may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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