Summit Materials (SUM) Launches 22.2M Common IPO; Sees Pricing at $17 - $19/Share
Summit Materials (NYSE: SUM) announced today the launch of its initial public offering of 22,222,222 shares of its Class A common stock. The initial public offering price is expected to be between $17.00 to $19.00 per share. Summit Materials expects to grant the underwriters a 30-day option to purchase up to an additional 3,333,333 shares of Class A common stock. Summit Materials has been approved to list its shares of Class A common stock on the New York Stock Exchange under the symbol "SUM."
Summit Materials intends to use the net proceeds from the offering primarily to, among other things, repay certain indebtedness.
Citigroup, Goldman, Sachs & Co., BofA Merrill Lynch, Barclays, Deutsche Bank Securities and RBC Capital Markets are acting as joint bookrunners of the offering. Blackstone Capital Markets, BB&T Capital Markets, Stephens Inc., Sterne Agee and Stifel are acting as co-managers. The offering of these securities will be made only by means of a prospectus.
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