Thursday, Aug. 25, 2005 | 11:28 a.m.
Las Vegas-based concrete maker Ready Mix Inc. opened above its initial public offering price on the New York Stock Exchange during its first day of trading Wednesday.
Ready Mix opened at $12, up 9 percent from its $11 a share IPO offer price. The company sold 1.55 million shares at the high end of its $9 to $11 a share range, and was trading at midday at $12.30, up 12 percent, on the NYSE.
Ready Mix operates two concrete plants in the metropolitan Phoenix area, two plants in the metropolitan Las Vegas area, and one plant in Moapa, Nevada. The Company also operates a sand and gravel crushing and screening facility in Moapa, which provides raw materials for its Las Vegas and Moapa concrete plants.
When the company announced earlier this year that it was planning an IPO, executives said the public stock offering would help fund the construction of two concrete plants in the Las Vegas metropolitan area and one plant in the Phoenix metropolitan area, in addition to other capital improvements.
archive
