SiteOne Landscape Supply goes public

May 18, 2016 -  By

SiteOne_webSiteOne Landscape Supply went public and is trading on the New York Stock Exchange under the ticker symbol SITE.

The company priced its initial public offering of 10 million shares of common stock at $21 per share on May 11, according to Reuters. The shares began trading May 12. The Wall Street Journal reports the stock rose 27 percent in its first day of trading. At this posting, the stock sat just over $28 per share.

The company did not receive any proceeds from the sale of shares being sold in this offering. In connection with the offering, the selling stockholders—CD&R Landscape Holdings, an affiliate of Clayton, Dubilier & Rice and Deere & Co.—have granted the underwriters a 30-day option to purchase up to an additional 1,500,000 shares of common stock, according to a press release. 

An underwriting group—Deutsche Bank Securities, Goldman, Sachs & Co. and UBS Investment Bank, who are acting as joint book-running managers and as representatives of the underwriters for the offering—made the offerings. In addition, Barclays, Baird, RBC Capital Markets and William Blair are book-running managers. SunTrust Robinson Humphrey, ING, HSBC, Natixis, SMBC Nikko and Academy Securities are acting as co-managers for the offering.

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