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Installed Building removes insider selling and increases primary shares offered, deal size is now $112 million

By: Renaissance Capital
Posted: 2/12/2014 5:29:00 PM
Referenced Stocks: IBP

Installed Building Products, the second largest new residential insulation installer in the US, removed insider selling and increased primary shares offered for its upcoming IPO on Wednesday. The Columbus, OH-based company now plans to raise $112 million by offering 7.5 million shares (0% insider) at a price range of $14 to $16. The company had previously filed to offer 9.0 million shares (25% insider) at the same range.  

Installed Building Products, which was founded in 1977 and booked $404 million in sales for the 12 months ended September 30, 2013, plans to list on the NYSE under the symbol IBP. The company initially filed confidentially on December 9, 2013. Deutsche Bank and UBS Investment Bank are the joint bookrunners on the deal. It is expected to price during the week of February 10, 2014.