Lone Star-owned Continental Building files for $200 mln IPO
Dec 24 (Reuters) - Private equity-owned Continental Building Products Inc, created after the sale of Lafarge SA's North American gypsum business, filed with regulators to raise up to $200 million in an initial public offering of common stock.
France's Lafarge sold its gypsum business in North America to U.S. investment firm Lone Star for $700 million in June as part of the world's largest cement maker's efforts to shed non-core assets to cut debt.
Continental Building listed Citigroup and Credit Suisse as joint book-running managers in a regulatory filing with the U.S. Securities and Exchange Commission on Tuesday. ()
The company manufactures gypsum wallboard, which is primarily a building material used in new residential and commercial construction.
Continental Building, whose operations are concentrated in the eastern United States and Canada, had net sales of $287.9 million in the year ended Sept. 30, it said in the IPO filing.
For the year through Oct. 31, building permits within the company's key markets grew about 41 percent over 2012, the filing said, citing U.S. Census Bureau data.
The filing did not reveal how many shares the company planned to sell or their expected price. It intends to list its common stock on the New York Stock Exchange under the symbol "CBPX".
The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.
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