Feb 4 Private equity-owned Continental Building
Products Inc's initial public offering was priced
at $14 per share, an underwriter told Reuters, significantly
below its expected range of $16-$18.
The company, created after the sale of Lafarge SA's
North American gypsum business, raised $165.2 million
and sold all the 11.8 million shares in the offering. At the
listing price, the company is valued at about $617 million.
Continental Building Products's only stockholder, LSF8
Gypsum Holdings LP, which had earlier planned to sell 1.5
million shares, did not sell any shares in the offering, the
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 cement maker's efforts to shed non-core assets to
Reston, Virginia-based Continental Building Products, whose
operations are concentrated in the eastern United States and
Canada, manufactures gypsum wallboard, primarily used in new
residential and commercial construction.
Citigroup and Credit Suisse were joint book-running managers
for the offering.