Azek Completes Stock Offering
Goldman Sachs, Jeffries, Bank of America and Barclays were among the major purchasers of a secondary offering of approximately 17 million Azek shares during a June 1 sale at $43.50 per share. All the shares were from individual shareholders who were part of the company’s founders and management team. The company’s initial public offering happened one year ago.
The surge in lumber prices has translated to greater interest in composite decking now that prices of the two materials are closer than ever. Azek Company Inc., Trex and others have become sought-after stocks by institutional investors.