Topic: How To Invest

Spinoffs & Takeovers Hotline – Friday, June 19, 2020

Article Excerpt

AZEK COMPANY INC., $30.40, symbol AZEK on New York, is a manufacturer of sustainable building products focused on the outdoor living market. The company was founded in 1983 in Chicago. Azek’s operates two divisions, TimberTech and Azek Exteriors. TimberTech makes capped polymer and capped composite decking, along with railing, porch, lighting and paver products. Azek Exteriors makes trim and moulding. The company serves the residential outdoor market (84% of sales), but it also has a commercial segment that sells bathroom partitions and lockers (16%). In the residential segment, Azek sells its products through a network of more than 4,000 dealers and more than 35 distributors and home-improvement retailers in the U.S. and Canada. Through an IPO, the stock began trading on Friday, June 12, 2020. Azek priced its stock issue at $23 a share, well above its proposed pre-IPO range of $19 to $21. The shares gained 18.0% on their first day and are now up 32.2%. The company raised net proceeds of $816.9…