Ply Gem Launching Plans to Go Public
Filing documents with the Security and Exchange Commission on May 13, Ply Gem Holdings Inc. is launching an initial public offering of nearly 16 million shares at $20 per share, valuing the manufacturer of exterior building products at $1.3 billion. The company's shares will trade on the New York Stock Exchange under the symbol "PGEM."
Based in Cary, N.C., the manufacturer of windows and doors, as well as vinyl siding, trim, stone and other exterior product, is looking to raise as much as $363 million, with the proceeds being used to reduce its debt and for other general corporate purposes, including the purchase of the recently acquired Mitten, a Canadian producer of vinyl siding.
In addition to the nearly 16 milion shares to be sold to the public, Ply Gem expects to grant the deal's underwriters an option to purchase up to an additional 2.4 million shares. Its privaty equity backer, CI Capital Partners, will retain approximately 68 percent of Ply Gem's shares.
Ply Gem initially planned to go public in May 2010, but halted the offering as the housing market continued in the doldrums.