Core & Main, a leading distributor of pipes and other industrial water infrastructure products, filed on Friday with the SEC to raise up to $100 million in an initial public offering. This is likely a placeholder for a deal we estimate could raise up to $500 million.
Core & Main is a distributor of water infrastructure products that connects 4,500 suppliers to over 60,000 municipal, non-residential, and residential customers. The company believes its scale and technical expertise allow customers to build and maintain water, wastewater, storm drainage, and fire protection infrastructure solutions.
The St. Louis, MI-based company was formed in 2017 but traces its roots to 1874. It booked $3.6 billion in sales for the 12 months ended January 31, 2021. It plans to list on the NYSE under the symbol CNM. Goldman Sachs, Credit Suisse, J.P. Morgan, BofA Securities, Baird, Citi, RBC Capital Markets, Barclays, and Deutsche Bank are the joint bookrunners on the deal. No pricing terms were disclosed.
