Installed Building Products, the second largest new residential insulation installer in the US, announced terms for its IPO on Monday. The Columbus, OH-based company plans to raise $135 million by offering 9.0 million shares (25% insider) at a price range of $14 to $16. At the midpoint of the proposed range, Installed Building Products would command a market value of $432 million.
Installed Building Products, which was founded in 1977 and booked $404 million in sales for the 12 months ended September 30, 2013, plans to list on the NYSE under the symbol IBP. Installed Building Products initially filed confidentially on December 9, 2013. Deutsche Bank and UBS Investment Bank are the joint bookrunners on the deal.
