Continental Building Products shares rise in debut

Published on NewsOK Modified: February 5, 2014 at 1:34 pm •  Published: February 5, 2014
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NEW YORK (AP) — Shares of drywall maker Continental Building Products Inc. rose in their first day of trading on Wednesday.

Its shares rose $1.70, or 12.1 percent, to $15.70 in afternoon trading on the New York Stock Exchange.

The shares had been priced at $14 per share. That was below initial expectations that the shares would price at $16 to $18 each when the offering was announced last week.

Continental Building Products Inc. is based in Reston, Va., and it makes and sells drywall in the eastern U.S. and Canada. It plans to use the proceeds of the IPO to repay debt.

The stock is trading under the ticker symbol "CBPX."

The offering includes 11.765 million shares sold by the company. That raised about $164.7 million.

An additional 1.76 million shares was being offered by its sole stockholder if underwriters choose to do that. The company wouldn't get any of the $24.64 million that would be raised from the shareholder's stock offering.