Foundation Building Materials (FBM) IPO Opens Up 13%

Today's IPO for Foundation Building Materials (NYSE: FBM) opened for trading at $15.80 after pricing 12,800,000 shares of its common stock, all of which are being offered by the Company, at a price of $14.00 per share, below the expected $17-$19 range.

Deutsche Bank Securities, Barclays and RBC Capital Markets are acting as joint book-running managers for the offering and representatives of the underwriters, and Citigroup is acting as a book-running manager for the offering. Baird is acting as lead manager for the offering and Raymond James, Stephens Inc., SunTrust Robinson Humphrey and William Blair are acting as co-managers.

Foundation Building Materials is a specialty distributor of wallboard and suspended ceiling systems throughout the U.S. and Canada. Based in Tustin, California, the Company employs more than 3,400 people and operates more than 200 branches across the U.S. and Canada.

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