Shares of Continental Building Products rise in U.S. debut

Wed Feb 5, 2014 9:48am EST

Feb 5 (Reuters) - Shares of Continental Building Products Inc, controlled by private equity firm Lone Star Funds, rose as much as 11 percent in their market debut, valuing the company at about $682 million.

The company raised $165.2 million after its initial public offering of 11.8 million shares was priced at $14 per share, significantly below its expected range of $16-$18.

The Reston, Virginia-based company's shares opened at $14.66 and touched a high of $15.48 on the New York Stock Exchange on Wednesday.

Continental Building was created after Lone Star bought cement maker Lafarge SA's North American gypsum business in June.

Continental Building posted a net loss of $2.8 million on revenue of $287.9 million in the nine months ended Sept. 30.

Citigroup Global Markets Inc, Credit Suisse Securities (USA) LLC, Barclays Capital Inc, Deutsche Bank Securities Inc and RBC Capital Markets LLC were the lead underwriters of the offering.