Core & Main, which is leading distributor of pipes and other industrial water infrastructure products, announced terms for its IPO on Tuesday.
The St. Louis, MO-based company plans to raise $750 million by offering 34.9 million shares (100% synthetic secondary) at a price range of $20 to $23. At the midpoint of the proposed range, Core & Main would command a fully diluted market value of $5.2 billion.
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.
Core & Main was founded in 1874 and booked $3.9 billion in sales for the 12 months ended April 30, 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.
