Foundation Building Materials, a North American distributor of wallboard, ceiling systems and other building products, announced terms for its IPO on Tuesday.
The Tustin, CA-based company plans to raise $230 million by offering 12.8 million shares at a price range of $17 to $19. At the midpoint of the proposed range, Foundation Building Materials would command a market value of $770 million.
Foundation Building Materials was founded in 2011 and booked $1.9 billion in 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. It is expected to price during the week of February 6, 2017.
