Advanced Drainage Systems, the world's largest provider of high density plastic pipe used in construction, raised $232 million by offering 14.5 million shares (64% insider) at $16, below the $17-$19 range. At its offer price and giving effect for 20.1 million shares that are convertible from its ESOP, Advanced Drainage now commands a $1.2 billion market cap and a $1.6 billion enterprise value. Advanced Drainage Systems will list on the NYSE under the symbol WMS. Barclays, Deutsche Bank, Citi and RBC Capital Markers acted as joint bookrunners on the deal.
