door and window Jeld-Wen Holding Inc. (NYSE: JELD) has filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) for a secondary offering. Keep in mind that the company is not offering any shares. Instead, the shareholders are selling everything in this offering. Overall 12.5 million shares are being offering, with an overallotment option for an additional 1.875 million shares. At the most recent closing price $35.89, the entire offering is valued up to $515.92 million.
The underwriters for the offering are Barclays, Citigroup, Credit Suisse, JPMorgan, Baird, Goldman Sachs, Merrill Lynch, Deutsche Bank, RBC Capital Markets and Wells Fargo.
This is one of the world’s largest door and window manufacturers, and it holds the number one position by net revenues in the majority of the countries and markets that it serves. The company designs, produces and distributes an extensive range of interior and exterior doors; wood, vinyl and aluminum windows; and related products for use in the new construction and repair and remodeling of residential homes and, to a lesser extent, nonresidential buildings.
Jeld-Wen attributes its market leadership to well-established brands, broad product offerings, world-class manufacturing and distribution capabilities and long-standing customer relationships. The overall goal is to achieve best-in-industry financial performance through the rigorous execution of its strategies to reduce costs and improve quality through the implementation of operational excellence programs, to drive profitable organic growth, to pursue strategic acquisitions and to develop top talent.
In terms of its finances, the company detailed in its filing:
In the twelve-month period ended September 30, 2017, our net revenues were $3.8 billion, our net income was $357.1 million, and our Adjusted EBITDA was $436.3 million. Adjusted EBITDA has increased by $283.1 million, or 184.8%, and net income has increased by $425.5 million from the year ended December 31, 2013 to the twelve-month period ended September 30, 2017.
Shares recently traded at $34.89 apiece, with a consensus analyst price target of $38.42 and post-IPO range of $24.95 to $37.32.