PVC conduit and building products maker Atkore International Group Inc. went public on June 10, selling shares on the New York Stock Exchange.
Three weeks after its initial public offering, Atkore was trading at $15.99 on June 28, just off from its set price of $16 per share, which was below the range of $20-$22 the company targeted in its regulatory filings.
Shares trade under the ticker symbol ATKR.
The Harvey, Ill.-based manufacturer of electrical raceway products says in its prospectus summary that it has four market-leading positions for PVC conduit and fittings (37 percent share), armored materials (36 percent share), steel (35 percent share), and in-line galvanized mechanical tube (80 percent share).
Atkore makes conduit, cable, mounting systems and fittings made from steel, copper and PVC, which the company says offers contractors and OEMs a broad product offering, streamlined logistics and reduced costs.
In 2015, net sales were $1.66 billion and adjusted net sales were $1.52 billion. Compared to fiscal year 2011, Atkore's profit increased by $44.8 million from a net loss position.
Atkore says it believes it operates in a $13 billion subset of the $78 billion U.S. market for electrical raceway products and company officials believe it has an 8 percent share overall.
The company ranked 31st in Plastics News' most recent survey of North American pipe, profile and tubing extruders, with estimated sales of $145 million.
The company has been actively acquiring PVC conduit makers for the past four years, including American Pipe & Plastics Inc. of Kirkwood, N.Y., in 2014, and all or most of three other businesses, including Ridgeline Pipe Manufacturing, Heritage Group and Liberty Plastics, in 2013.
Atkore employs 3,100 at 51 manufacturing and distribution facilities worldwide.
The company offered 12 million shares of common stock, raising $192 million. The selling stockholder is CD&R Allied Holdings LP, which is an affiliate of the private equity firm Clayton, Dubilier & Rice LLC.
