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Masonite International Files For IPO Of Up To $150M

 February 28, 2013 01:01 PM

(By Balachander) Masonite International Corp., a maker of residential doors, has filed to raise up to $150 million in an initial public offering (IPO) of common stock.

The filing with the U.S. federal regulators did not disclose how many shares the company plans to offer or the pricing terms.

Masonite, which was acquired by an affiliate of Kohlberg Kravis Roberts & Co. L.P. in March 2005, filed for Chapter 11 bankruptcy protection in 2009.

Masonite makes interior and exterior doors for the residential new construction; the residential repair, renovation and remodeling; and the non-residential building construction markets.

For the 12 months ended December 2012, Masonite posted a net loss of $23 million on sales of $1.7 billion.

The company said its two largest customers, Home Depot (NYSE: HD) and Lowe's (NYSE: LOW), accounted for roughly 16 percent and 10 percent of its total gross sales in 2012.

[Related -The Home Depot, Inc. (NYSE:HD): More Room For Improvement]

Shareholders include: Oaktree Capital Management, Mount Kellett Capital Management and Centerbridge Partners.

Masonite intends to list on the New York Stock Exchange under the symbol "DOOR."

Deutsche Bank Securities, Barclays and BofA Merrill Lynch are serving as joint book-running managers of the offering.

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