June 27, 2018 / 9:48 PM / 5 months ago

BrightView Holdings IPO priced at $22/share

(Reuters) - The initial public offering of commercial landscaper BrightView Holdings Inc was priced at $22 per share, the company said on Wednesday, at the lower end of the projected range.

The offering of 21.3 million shares, which was indicated to be priced between $22 and $25 each, raised net proceeds of $435.1 million.

BrightView, one of the largest U.S. providers of commercial landscaping services, is backed by investment funds affiliated with KKR & Co (KKR.N) and MSD Partners, which will both remain the firm’s largest shareholders following the offering.

BrightView’s net service revenue for the six months ended March rose to $1.14 billion from $1.03 billion in the same period a year earlier. Net loss narrowed to $2.7 million for the same period from $53.3 million in 2017.

The proceeds will be used to pay down debt, according to the company’s IPO filing.

The Pennsylvania-based company, which serves about 13,000 office parks and corporate campuses, plans to debut on Thursday on the New York Stock Exchange under the symbol “BV.”

Goldman Sachs & Co LLC, J.P. Morgan, UBS Investment Bank are among the top underwriters to the offering.

Reporting by Nikhil Subba in Bengaluru; Editing by Sriraj Kalluvila

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