Summit Materials, a Blackstone-backed provider of aggregates, concrete and asphalt paving services, announced terms for its IPO on Monday. The Denver, CO-based company plans to raise $400 million by offering 22.2 million shares at a price range of $17 to $19. At the midpoint of the proposed range, it would command a fully diluted market value of $1.7 billion.
Summit Materials, which was founded in 2009 and booked $1.2 billion in sales for the 12 months ended December 31, 2014, plans to list on the NYSE under the symbol SUM. Citi, Goldman Sachs, BofA Merrill Lynch, Barclays, Deutsche Bank and RBC Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of March 9, 2015.
