Summit Materials, a Blackstone-backed aggregates, cement and concrete US supplier, filed on Thursday 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 the company could raise $400 million or more.
The Denver, CO-based company, which was founded in 2009 and booked $1.1 billion in sales for the 12 months ended September 30, 2014, plans to list on the NYSE under the symbol SUM. Summit Materials initially filed confidentially on October 9, 2014. Citi, Barclays, Deutsche Bank, Goldman Sachs, BofA Merrill Lynch and RBC Capital Markets are the joint bookrunners on the deal. No pricing terms were disclosed.
