(Bloomberg) -- Jordan Co.-backed Specialty Building Products is seeking to raise as much as $750 million in an initial public offering and has filed confidentially with the US Securities and Exchange Commission, according to people familiar with the matter.
The Duluth, Georgia-based distributor of products used in home construction is working with advisers on its revived plan, the people said. SBP, which withdrew a previous registration in February 2023, aims to launch the offering as soon as in the fourth quarter, the people said.
The company is targeting about $700 million to $750 million in the IPO, the people said, asking not to be identified as the information is private.
Details such as timing and the size of the offering may still change, the people said. A representative for Jordan declined to comment. A SBP representative didn’t immediately respond to requests for comment.
An IPO would allow SBP to take advantage of booming spending on home renovation. The trend, which began during the pandemic, peaked in 2023 and spending remains far above pre-Covid levels as high interest rates keep people in their current homes for longer.
The US IPO market has bounced back from a slow period this year with $29 billion raised to date, about double the amount seen in the same period in 2023, data compiled by Bloomberg show. That’s still short of the pre-pandemic average.
SBP distributes branded specialty building products in categories including composite decking and railing, exterior siding and exterior trim, according to an earlier IPO filing. The company serves 45 states in the US and eight provinces in Canada via brands including U.S. Lumber, Alexandria Moulding and REEB, its website shows.
Jordan bought a majority stake in SBP from private equity firm Madison Dearborn Partners in 2020 for an undisclosed amount, according to a statement at the time.
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