Continental Building Products Prices IPO At $14/shr, Below Estimated Range

(RTTNews) - Continental Building Products Inc. announced the pricing of its initial public offering of 11.765 million shares of its common stock, to be sold by the Company at a price of $14.00 per share, before underwriting discounts and commissions. Previously, the company had expected to price the initial public to be between $16.00 to $18.00 per share.

The company's common stock will begin trading tomorrow on the New York Stock Exchange under the symbol "CBPX". The offering is expected to close on February 10, 2014. The Company's sole stockholder has granted the underwriters an option to purchase up to an additional 1,764,750 shares of common stock at the initial public offering price.

The Company intends to use its net proceeds from the offering to, among other things, repay certain indebtedness. The Company will not receive any proceeds from the sale of shares, if any, by the selling stockholder.

In late-January 2014, Continental Building Products announced it commenced an initial public offering of 13.236 million shares of its common stock, 11.765 million of which are being offered by the company and 1.471 million of which are being offered by the company's sole stockholder. The initial public offering price was expected to be between $16.00 to $18.00 per share. The selling stockholder expected to grant the underwriters an option to purchase up to an additional 1.985 million shares of common stock