Foundation Building Materials, the second largest distributor of wallboard, ceiling systems and mechanical insulation, filed on Friday with the SEC to raise up to $100 million in an initial public offering. The deal size is likely a placeholder and we estimate it could raise up to $200 million.
The Tustin, CA-based company was founded in 2011 and booked $1.9 billion in pro forma sales for the 12 months ended September 30, 2016. It plans to list on the NYSE under the symbol FBM. Deutsche Bank, Barclays, RBC Capital Markets and Citi are the joint bookrunners on the deal. No pricing terms were disclosed.
