Shares of Charlotte-based window and door maker Jeld-Wen Holding rose more than 13 percent Friday in their first day of trading on the New York Stock Exchange.
Jeld-Wen on Thursday priced its initial public offering of 25 million shares at $23 per share, for total proceeds of $575 million. The company sold 23.3 million of the shares, while one of its investors, Canadian private equity fund Onex, sold 2.7 million shares.
Trading under the ticker symbol “JELD,” the shares ended the day at $26.12.
The IPO is expected to close Feb. 1, pending customary closing conditions, according to Jeld-Wen, which makes windows and doors for HGTV’s remodeling TV show “Dream Home.” The banks underwriting the offering, including Bank of America and Wells Fargo, have an option to purchase up to an additional 3.75 million shares, according to a statement Thursday.
Jeld-Wen had signaled plans to go public in June and in a filing last week said it expected to price its shares at between $21 and $23. Even as it prepared for an IPO, Jeld-Wen had also mulled a possible sale of the company, the Wall Street Journal has reported.
The company will use its IPO proceeds to repay debt and for other corporate purposes, according to securities filings.
Previously headquartered in Oregon before its 2015 move to Charlotte, Jeld-Wen announced plans in November to build a new corporate campus in the Ayrsley area of southwest Charlotte, adding 200 new jobs as it expands its headquarters. Construction on the new 120,000 square-foot building at One Silver Crescent is expected to wrap up by the end of 2017.
According to the prospectus for the IPO, Jeld-Wen posted a profit of $144 million in the year ended Sept. 24, 2016, on total revenue of $3.6 billion.
The company is led by CEO Mark Beck, who made $3.4 million in salary, bonus, stock options and other compensation in 2016, according to the filing. That was down from 2015 when he made $13.7 million, a total that included $3.9 million in stock awards and $8.4 million in stock options.
As for other top executives in 2016, Executive Chairman Kirk Hachigian received about $6 million, Chief Financial Officer Brooks Mallard $794,382, North American president John Dinger $880,818 and General Counsel Laura Doerre about $1.9 million.