Advanced Drainage Systems, the world's largest producer of corrugated high density polyethylene (HDPE) pipe used for agriculture, construction and drainage, filed on Wednesday with the SEC to raise up to $100 million in an initial public offering, although the deal size is likely just a placeholder. We estimate it could raise as much as $300 million.
The Hilliard, OH-based company, which was founded in 1966 and booked $1.1 billion in sales for the 12 months ended December 31, 2013, plans to list on the NYSE under the symbol WMS. Barclays, Deutsche Bank, Citi and RBC Capital Markets are the joint bookrunners on the deal. No pricing terms were disclosed.
