Ensuring A Successful Launch Into The Public Markets
Advanced Drainage Systems (ADS)
Advanced Drainage Systems (NYSE: WMS), a leading manufacturer of high performance thermoplastic corrugated pipe, retained FTI Consulting to advise the company on its initial public offering. In addition to issuing new shares to the market, the IPO would serve as a liquidity event for American Securities, a private equity firm, and the University of Notre Dame – two of the company’s largest shareholders.
Our Role With ADS
FTI Consulting worked closely with the investment bankers to plan and then execute the communications around the company’s S-1 filing, particularly among employees, customers and the media. FTI Consulting then worked extensively with the bankers and management team to develop the IPO roadshow deck and the associated script, while developing the appropriate communications infrastructure – including the investor relations website – to ensure Advanced Drainage Systems was optimally prepared for the public markets. FTI Consulting also leveraged its relationships with the New York Stock Exchange (NYSE) to secure the opening-bell ceremony and thereby further increase the company’s visibility to the investment community.
Advanced Drainage Systems began trading on July 25, 2014 on the NYSE under the ticker WMS. The IPO priced at $16 per share, which was slightly less than the anticipated range of $17 per share to $19 per share. The price reduction was largely attributed to the glut of IPOs that had recently priced, as well as a number of other industrial IPOs scheduled to price in the coming weeks. The stock traded up 87.5% to over $30 per share over the next 12 months.
Advanced Drainage Systems continues to be an FTI Consulting client.