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Cary-based Ply Gem looks to raise as much as $363M in IPO

Posted May 13, 2013

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— In the second major Initial Public Offering of stock by a Triangle firm over the past five days, home exterior manufacturing firm Ply Gem looks to raise $363 million on Wall Street.

Shares have been priced at between $18 and $20 and are expected to begin selling on the New York Stock Exchange.

The trading symbol is "PGEM."

As of noon, shares had yet to begin trading.

Ply Gem, a 70-year-old company, is based in Cary. It reported more than $1.1 billion in sales for 2012.

In an updated filing with the Securites and Exchange Commission early Monday, Ply Gem said it expected to sell nearly 16 million shares with another nearly 2.4 million available to the underwriters that are supporting the offering.

Just last Thursday, Durham-based Quintiles (NYSE: Q) went public, raising more than $950 million in what was the largest IPO in Triangle history.

Ply Gem focuses on home exteriors. 

"From siding and stone to windows, trim, gutters and accessories we manufacture the products you need to create the home exterior of your dreams - one with character and curb appeal, that stylishly expresses your individuality," the company says on its website.

The IPO is being underwritten by: J.P. Morgan, Credit Suisse, Goldman, Sachs & Co., UBS Investment Bank, Deutsche Bank Securities,
Zelman Partners LLC, BB&T Capital Markets and Stephens Inc.

Ply Gem says that it anticipates using the offering's net proceeds to redeem, repurchase or pay back part of its outstanding debt; to pay transaction fees and other expenses and for general corporate purposes, the Associated Press noted.

For 2012, Ply Gem reported a loss of $39.1 million on revenue of $1.12 billion. That compares with a loss of $84.5 million and revenue of $1.03 billion for 2011, the AP added.

The Ply Gem SEC filing can be read online.


 

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