Water and wastewater infrastructure-geared Forterra Inc., a recently established entity emanating from Forterra Building Products, raised $340 million in a mid-October initial public offering, trading under the symbol FRTA on the Nasdaq Global Select Market. In U.S. Securities & Exchange Commission (SEC) filings, the company indicated that the IPO would give new investors and principal owner Forterra US Holdings LLC, respectively, 29 percent and 71 percent stakes in a 96-plant operation with annual sales of about $1.6 billion across Drainage Pipe & Precast Products and Water Transmission Pipe & Products segments.
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Market conditions favor Hanson products business public offering
The most recent proposed initial public offering of a business featuring U.S. and Canadian concrete production assets, Votorantim Cementos, was withdrawn with little explanation last fall. As presented by Brazil’s Votorantim Industrial S.A., the IPO encompassed a portfolio of cement and concrete operations in the Americas, Europe and Africa, and had a target value hovering $5 billion.
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