Shares of BrightView’s common stock began trading on the New York Stock Exchange June 28, an occasion marked by CEO Andrew Masterman ringing the opening bell.
BrightView priced its initial public offering of 21,300,000 shares of common stock at $22 per share, which is expected to raise approximately $435 million. The offering is expected to close on July 2.
The company, which ranks No. 1 on the LM150 list of largest landscape companies, intends to use the net proceeds from the offering to repay debt that totals around $1.6 billion, according to the company’s SEC filing in May.
Greg Herring, CEO of Herring Group, told LM he is feeling positive about the price and its effect on the industry. “Investors making money in the landscape industry should attract more money to the industry,” Herring said.
BrightView has granted the underwriters a 30-day option to purchase up to an additional 3,195,000 shares of its common stock.
BrightView’s common stock will be listed on the New York Stock Exchange under the symbol BV.
