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AZEK files for IPO

Building products manufacturer looks to list its Class A common stock on NYSE.

BY HBSDealer Staff

Building products manufacturer AZEK is ready to take the company public.

CPG Newco LLC (The AZEK Company) has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC) relating to a proposed initial public offering (IPO) of shares of its Class A common stock following its conversion into a corporation.

The number of shares to be offered and the price range for the proposed offering have not yet been determined, AZEK said. But in its SEC filing, the company reported that it is looking to raise $100 million.

In its filing with the SEC, AZEK disclosed that it had sales of $794.2 million in 2019 but the Chicago-based company posted a net loss of $20.2 million for the year.

AZEK has applied to list its Class A common stock on the New York Stock Exchange (NYSE) under the ticker symbol “AZEK.”

Barclays, BofA Securities, Goldman Sachs & Co. LLC and Jefferies are acting as joint lead book-running managers for the proposed offering. Citigroup, Credit Suisse, Deutsche Bank Securities and RBC Capital Markets are acting as joint book-running managers, and B. Riley FBR, Baird, Stephens Inc., Stifel, SunTrust Robinson Humphrey and William Blair are acting as co-managers for the proposed offering.

The proposed offering will be made only by means of a prospectus.

AZEK’s four business units include AZEK Building Products, Versatex, Scranton Products and Vycom. The outdoor living division of AZEK Building Products includes TimberTech decking.

Last month, AZEK said it was looking to use net proceeds from the offering primarily to redeem AZEK’s outstanding 8% senior notes due 2021 and for general corporate purposes.

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