According to a filing made with the U.S. Securities and Exchange Commission, Summit Materials plans to raise between $376 million and $432.4 million in an initial public offering, reports the Denver Post.
“The private construction market is beginning to rebound, which we believe signals the outset of a strong growth period in our industry and end markets,” the company said in its filing.
The Denver Post states the company’s growth has come largely through its more than 30 acquisitions. At the end of last year, the company had $1.06 million in debt, and the offering proceeds will go to pay down those loans.
The article says Summit plans to issue 22.2 million shares, with the underwriters having rights to issue another 3.3 million shares if demand exists.
The current owners of Summit will retain nearly three-fourths of the voting rights in the company, while new shareholders will obtain just under one-fourth of the voting rights, says the the Denver Post.
