PORTLAND — Door and window maker Jeld-Wen plans to raise $452 million in an initial public offering as early as Friday, according to a registration filing submitted last week, but the IPO is shaping up to be a disappointment on Wall Street.
The transaction would value the company around $2.4 billion. That’s roughly half what estimates forecast when the company was preparing for an IPO last year.
Jeld-Wen was clobbered by the housing crisis and was facing bankruptcy in 2011. So Jeld-Wen sold a 58 percent stake in the company to a Canadian investment firm called Onex Corp. for $864 million.
Onex moved Jeld-Wen’s headquarters to North Carolina in 2015.
Filings show Jeld-Wen has only modestly increased its revenues since the sale, though it has returned to profitability.
For 2011, Jeld-Wen recorded sales of $3.2 billion and a loss of $238 million. It had revenue of $3.4 billion in 2015 and a $91 million profit, according to the IPO filing.
Jeld-Wen plans to sell shares for between $21 to $23, according to the filing. The company said it plans to use $375 million to pay debt and put the remaining proceeds back into the business. Shares will trade as JELD on the NYSE.
Jeld-Wen had been reported to be near an IPO in both 2015 and 2016, with prior estimates valuing the company between $4 billion and $5 billion. Jeld-Wen currently holds nearly $1.3 billion in debt.
Still, Onex stands to come out a big winner. It will own between 60 and 63.4 percent of the company, after the IPO. At $22 a share, the value of its original stake would have grown by nearly 8 percent annually, or $474 million altogether.
Jeld-Wen has 20,800 employees, slightly more than half of them in the U.S. or Canada.
