RESTON, Va. (AP) -- Drywall maker Continental Building Products Inc. said on Wednesday that shares in its initial public offering will be priced at $14, less than originally planned.
The offering is expected to raise as much as $189.4 million before fees.
That includes an offering of 11.765 million shares by the company, plus an additional 1.76 million shares being offered by its sole stockholder if underwriters choose. The company wouldn't get any of the money from the shareholder's stock offering.
The company said it will use the money it raises to pay off debt.
The shares were initially expected to price at $16 to $18 each when the offering was announced last week.
It said trading is expected to begin on Thursday on the New York Stock Exchange under the symbol “CBPX.”
Continental Building Products Inc. is based in Reston, Va., and it makes and sells drywall in the eastern U.S. and Canada.