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Foltz Concrete parent ADS lists on New York Stock Exchange

Sources: Advanced Drainage Systems Inc., Hilliard, Ohio; CP staff

Advanced Drainage Systems, which runs 50-plus flexible pipe plants and 24 distribution facilities in the U.S. and Canada, plus North Carolina pipe and manhole producer, Foltz Concrete, effected an initial public offering of 5.29 million shares at $16/share. The July 25 IPO spans 14.5 million shares overall, trading on the New York Stock Exchange under the symbol WMS. The company will use proceeds to retire debt and for general corporate purposes.