Jeld-Wen Holding Inc. (NYSE: JELD) recently filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) regarding its secondary offering. The firm intends to offer 14.0 million shares, with an overallotment option for an additional 2.1 million shares. At the most recent closing price $31.69, the entire offering is valued up to $510.21 million. Keep in mind this company only came public back in late January of this year, and it currently has a market cap of $3.33 billion.
The underwriters for this offering are Barclays, Citigroup, Credit Suisse and JPMorgan.
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 offering, 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 the filing the company detailed its finances as follows:
In the twelve-month period ended April 1, 2017, our net revenues were $3.7 billion, our net income was $372.0 million, and our Adjusted EBITDA was $413.5 million. Adjusted EBITDA has increased by $260.3 million, or 169.9%, and net income has increased by $440.4 million from the year ended December 31, 2013 to the twelve-month period ended April 1, 2017.
The company will not receive any proceeds from the offering; instead the selling stockholders will receive all the proceeds.
Shares of Jeld-Wen closed Tuesday at $31.69, with a consensus analyst price target of $35.18 and a post-IPO trading range of $24.95 to $34.40.