Building products manufacturer AZEK has launched its initial public offering. CPG Newco LLC, doing business as The AZEK Company, launched an offering of 31,250,000 shares of its Class A common stock following its conversion into a corporation. The company began eyeing a public offering in January. At the time, the company said it intended to use the net proceeds from the offering to redeem its outstanding 8.000% senior notes due 2021 and for general corporate purposes.
The initial public offering price is expected to be between $19.00 and $21.00 per share of Class A common stock. The underwriters will have a 30-day option to purchase an additional 4,687,500 shares of Class A common stock from AZEK at the initial public offering price, less underwriting discounts and commissions. AZEK has been approved to list its stock on the New York Stock Exchange under the ticker symbol ‘AZEK.’
Barclays, BofA Securities, Goldman Sachs, and Jefferies are acting as joint lead book-running managers for the offering, according to a news release. Citigroup, Credit Suisse, Deutsche Bank Securities, and RBC Capital Markets are acting as joint book-running managers, and B. Riley FBR, Baird, Stephens, Stifel, SunTrust Robinson Humphrey, and William Blair are acting as co-managers for the offering.
Chicago-based AZEK’s four business units include AZEK Building Products, Versatex, Scranton Products, and Vycom. The outdoor living division of AZEK Building Products includes TimberTech decking.
