Maintenance services company Core & Main Inc said on Tuesday it was targeting a valuation of up to $7.5 billion in its initial public offering in the United States.
Core & Main, which is looking to list on the New York Stock Exchange, is owned by investment funds tied to private equity firm Clayton, Dubilier & Rice.
The private equity firm in 2017 bought the distributor of water, sewer, storm drain and fire protection products from HD Supply Holdings.
Subscribe to our Newsletter to increase your edge. Don’t worry about the news anymore, through our newsletter you’ll receive weekly access to what is happening. Join 120,000 other PE professionals today.
St. Louis, Missouri-headquartered Core & Main reported a 7% rise in net sales to $3.64 billion for the fiscal year ended Jan. 31.
The company is offering around 34.9 million shares, expected to be priced between $20 and $23 each, which would translate into an $802.3 million raise at the top end of that range.
CD&R will control about 79.6% of the total voting power of the company after the offering, Core & Main said in its filing.
Goldman Sachs & Co, Credit Suisse and J.P. Morgan are the lead underwriters for the offering, following which Core & Main will start trading on the NYSE under the ticker symbol “CNM”.
Source: Reuters
Can’t stop reading? Read more
PAI Partners-backed Compleat Food Group acquires Freshpak in latest platform expansion
PAI Partners-backed Compleat Food Group acquires Freshpak in latest platform expansion PAI...
Sycamore secures $10bn deal for Walgreens Boots Alliance as shareholders greenlight takeover
Sycamore secures $10bn deal for Walgreens Boots Alliance as shareholders greenlight takeover...
Clessidra launches €200m Green Harvest fund to back Italy’s agrifood champions
Clessidra launches €200m Green Harvest fund to back Italy’s agrifood champions Clessidra Private...