Bain to float Ibstock less than year after buyout

The company is aiming to raise gross proceeds of £100m, with a market cap expected to be in the region of £1bn. It will use the windfall to refinance its current debt facilities following the listing, including paying down the existing facilities.

Bain and management will sell part of their existing shareholding during the IPO, with a targeted free-float of 25% post-listing.

The GP acquired the clay and concrete divisions of listed UK brick maker CRH for £414m in December last year. Bain picked up Ibstock – CRH's clay and concrete business in the UK – and its clay businesses in the US, Glen Gery. As part of the deal, Bain assumed certain debt and pension liabilities of the businesses, which were regrouped under the Ibstock umbrella.

The Ibstock group manufactures clay and concrete products, with operations in the UK and the US. Its range includes clay bricks, brick components, concrete roof tiles, concrete stone masonry substitutes, concrete fencing and concrete rail products.

The company posted a £373m turnover last year, with EBITDA amounting to £65m.

JP Morgan and UBS are acting as joint global co-ordinators, joint sponsors and joint bookrunners for the IPO. Barclays and Numis are joint bookrunners. Rothschild is acting as financial adviser to Ibstock.

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