Forterra (FRTA) IPO Opens Down 8%

October 20, 2016 11:02 AM EDT
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Today's IPO for Forterra, Inc. (NASDAQ: FRTA) opened for trading at $16.61 after pricing 18,420,000 shares of its common stock, all of which are being offered by the Company, at a price of $18 per share, below the expected $19-$21 range.

Goldman, Sachs & Co., Citigroup and Credit Suisse are acting as joint book-running managers for the offering and representatives of the underwriters. Barclays, Deutsche Bank Securities and RBC Capital Markets are acting as book-running managers for the offering. Oppenheimer & Co., Stephens Inc. and SunTrust Robinson Humphrey are acting as co-managers.

Forterra is a manufacturer of pipe and precast products in the U.S. and Eastern Canada for a variety of water-related infrastructure applications, including water transmission, distribution and drainage. Based in Irving, Texas, Forterra employs more than 5,500 people and operates more than 95 facilities, with products available throughout the U.S. and Eastern Canada.

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Credit Suisse, Deutsche Bank, Citi, RBC Capital, SunTrust Robinson Humphrey, Barclays, Stephens Inc., IPO

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