Forterra, a US manufacturer of concrete and iron pipes used for drainage and water transmission, announced terms for its IPO on Friday.
The Irving, TX-based company plans to raise $368 million by offering 18.4 million shares at a price range of $19 to $21. At the midpoint of the proposed range, Forterra would command a market value of $1.3 billion.
Forterra was founded in 1964 and booked $1.7 billion in sales for the 12 months ended June 30, 2016. It plans to list on the Nasdaq under the symbol FRTA. Goldman Sachs, Citi, Credit Suisse, Barclays, Deutsche Bank and RBC Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of October 17, 2016.
