March 12, 2015 / 2:16 PM / 3 years ago

Blackstone-controlled cement maker Summit Materials rises 12.5 pct in debut

March 12 (Reuters) - Shares of Summit Materials Inc, a cement maker controlled by Blackstone Group LP, rose as much as 12.5 percent in their trading debut on Thursday, valuing the company at $1.87 billion.

The offering was priced at $18 each, the midpoint of the expected range of $17-$19.

The initial public offering of 22.2 million Class A shares raised about $400 million.

Summit Materials’ valuation takes into account 92.26 million outstanding shares, if all outstanding LP Units held by the limited partners of Summit Materials Holdings LP were exchanged for newly issued shares of Class A common stock, according to the filing.

Summit Materials Holdings is the predecessor company for financial reporting purposes. (Reporting by Amrutha Gayathri in Bengaluru; Editing by Joyjeet Das)

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