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Installed Building Products Expects To Price IPO In $14 - $16/shr Range

Installed Building Products Inc. announced the launch of its initial public offering of 9.00 million shares of its common stock. The initial public offering price is expected to be between $14.00 and $16.00 per share.

Of the initial public offering of 9.00 million shares, 6.75 million shares will be sold by the company and 2.25 million shares will be sold by the selling stockholder.
The underwriters will have the option to purchase up to an additional 1.35 million shares of common stock from the Company.

The company has applied to list its common stock on the New York Stock Exchange under the symbol "IBP."'

The company noted that it plans to use its net proceeds from the offering to repurchase all of its outstanding preferred stock and repay certain indebtedness. The company will not receive any proceeds from the sale of shares by the selling stockholder.

Deutsche Bank Securities and UBS Investment Bank are acting as joint bookrunners of the offering. Zelman Partners LLC is acting as lead manager and BB&T Capital Markets, KeyBanc Capital Markets and SunTrust Robinson Humphrey are acting as co-managers for the offering.

by RTTNews Staff Writer

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