Ply Gem in Cary Raises $332 Million in IPO
Cary, NC – The IPO market is back in vogue on Wall Street, at least for Triangle companies. Last week, Cary-based Ply Gem raised $332 million in an IPO on May 23, 2013.
Ply Gem is a leading maker of siding, stone, windows, trim, gutters and accessories. It is riding the recovery in the housing market. According to SeekingAlpha, the company sold 15.8 million shares, or about 22% of the outstanding stock, for a total of $332 million.
The company, founded in 1943, has 5,000 employees. Ply Gem’s corporate headquarters are on Weston Parkway in Cary.
Other Triangle IPOs
Also last week, ChannelAdvisor in Morrisville raised about $80 million in their IPO last week. CEO Scot Wingo rang the opening bell at New York Stock Exchange.
ChannelAdvisor, founded in 2001, sells software-as-a-service (SaaS) that enables retailers and manufacturers to integrate, manage and optimize their merchandise sales across hundreds of online channels including Amazon, Google, Facebook and Bing. The company has about 400 employees worldwide.
Earlier in May, Quintiles raised nearly $1 billion in an IPO ($947.4 million, according to Bloomberg). Quintiles is the world’s largest provider of biopharmaceutical development and commercial outsourcing services with a network of more than 27,000 employees conducting business in approximately 100 countries. The company was founded in 1982 by Dennis Gillings, then a professor at UNC Chapel Hill. In 2009, the company moved into their new world headquarters on Emporer Boulevard in Durham. You can see their iconic building from I-40.
PlyGem in Bryan,TX has serious issues. Seems they are a small town compsny that is “behind” the times. They also have a Customer Service Rep. that literally calls clients to complain about “all” the work she gas to do. This is verified. Not to mention the customer service personnel do not know how to refile paperwork after they pull paperwork, they literally just put it “where ever” creating masses of mess. They have “no organization” of anything. They are just now beginning to scan paperwork to a database, only when they can before the system crashes. Seriously, THEY NEED HELP.