Masonite Has Submitted an Application to The US Securities and Exchange Commission

The US door manufacturer Masonite has submitted an application to the US Securities and Exchange Commission for Stock Exchange listing. The application is in connection with the planned initial public offering (IPO) of the ordinary shares, from which Masonite expects proceeds of up to US$150m. Masonite intends to list the shares on the New York Stock Exchange (NYSE) under the Door reference. Price conditions have not been disclosed as yet. Deutsche Bank Securities, Barclays and Bofa Merrill Lynch are acting jointly as consortium leaders in the context of the flotation. Deutsche Bank Securities and Barclays are the representatives of the underwriting banks. RBC Capital Markets, Wells Fargo Securities, Zelman Partners LLC and Scotiabank are acting as co-managers of the IPO. Masonite intends to use the proceeds of the IPO for general corporate purposes, for example for further acquisitions. Following conclusion of the IPO, Masonite will not be paying any cash dividends on the ordinary shares for the foreseeable future. Instead it will hold back any profit generated in order to finance future activities such as expansion and repayment of debts.