HILLIARD, Ohio, July 14, 2014 /PRNewswire/ -- Advanced Drainage Systems, Inc. ("ADS"), a leading global manufacturer of water management products and solutions for commercial, residential, infrastructure and agricultural applications, announced today that it has commenced an initial public offering of 14,500,000 shares of common stock pursuant to a registration statement filed with the U.S. Securities and Exchange Commission (the "SEC"). The initial public offering price is currently expected to be between $17.00 and $19.00 per share. ADS is offering 5,289,474 shares of its common stock and the selling stockholders named in the registration statement are offering 9,210,526 shares of common stock. The selling stockholders have granted the underwriters an option to purchase up to an additional 2,175,000 shares of common stock at the initial public offering price less the underwriting discount, within 30 days from the date of the offering. An application has been made to list the common stock of ADS on the New York Stock Exchange under the symbol "WMS." ADS intends to use the net proceeds from this proposed offering to fund repayment of existing indebtedness and general corporate purposes. ADS will not receive any of the proceeds from the sale of shares of common stock by the selling stockholders. Barclays and Deutsche Bank Securities are acting as representatives of the underwriters and Barclays, Deutsche Bank Securities, Citigroup and RBC Capital Markets are acting as joint book-running managers for the proposed offering. BofA Merrill Lynch, Fifth Third Securities and PNC Capital Markets LLC are acting as co-managers for the proposed offering. A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.