CARY, N.C. (AP) — Ply Gem Holdings Inc. has raised approximately $331.8 million from its initial public offering of about 15.8 million shares.
The maker of patio doors, vinyl siding and other products said Thursday that it priced the offering at $21 per share, above the expected price range of $18 to $20 per share.
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Ply Gem is giving the underwriters an option to buy up to an additional 2.4 million shares to cover any excess demand.
Ply Gem expects net proceeds of about $306.5 million, after deducting underwriting discounts and commissions and expenses. The Cary, N.C., company plans to use the 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 offering is expected to close on Wednesday.
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 company’s stock will list on the New York Stock Exchange under the “PGEM” ticker symbol.
