Construction Partners, Inc. (ROAD) Prices 11.25M Share IPO at $12/Sh

Construction Partners, Inc. (NASDAQ: ROAD) today announced the pricing of its initial public offering of 11,250,000 shares of its Class A common stock at $12.00 per share. Construction Partners is selling 9,000,000 shares, and certain selling stockholders are selling 2,250,000 shares. The shares are expected to begin trading on The Nasdaq Global Select Market on May 4, 2018 under the ticker symbol "ROAD," and the offering is scheduled to close on May 8, 2018, subject to customary closing conditions.

Construction Partners will receive net proceeds of approximately $100 million after deducting underwriting discounts and commissions. Construction Partners intends to use the net proceeds to provide growth capital, to fund acquisitions and for general corporate purposes, which may include the repayment of debt from time to time. Construction Partners will not receive any proceeds from the sale of shares by the selling stockholders.

Construction Partners and certain selling stockholders have granted the underwriters of the offering a 30-day option to purchase up to an additional 1,687,500 shares of Class A common stock at the initial public offering price.

Baird, Raymond James and Stephens Inc. are serving as joint book-running managers for the offering. Imperial Capital and D.A. Davidson & Co. are serving as co-managers.

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