Posted July 14, 2021

Core & Main launches IPO

Core & Main, the specialized distributor of water, wastewater, storm drainage and fire protection products, has begun the process to launch its initial public offering of common stock. 

The company has launched the roadshow for its IPO of 34,883,721 shares of its Class A common stock. The company said it was targeting a valuation of about $7.5 billion.

The IPO price is currently expected to be between $20.00 and $23.00 per share. Core & Main expects to grant the underwriters a 30-day option to purchase up to an additional 5,232,558 shares of its Class A common stock at the IPO price, less underwriting discounts and commissions.

Core & Main, which is looking to list on the New York Stock Exchange, is owned by investment funds tied to private equity firm Clayton, Dubilier & Rice (CD&R).

Goldman Sachs & Co. LLC, Credit Suisse and J.P. Morgan are acting as lead book-running managers for the proposed offering. BofA Securities, Baird, Citigroup, RBC Capital Markets, Barclays and Deutsche Bank Securities are acting as additional book-running managers.

Previously a division of HD Supply known as HD Supply Waterworks, Core & Main became a freestanding enterprise following its acquisition by CD&R in August 2017.