<SEC-DOCUMENT>0000919574-21-004688.txt : 20210726
<SEC-HEADER>0000919574-21-004688.hdr.sgml : 20210726
<ACCEPTANCE-DATETIME>20210726165605
ACCESSION NUMBER:		0000919574-21-004688
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20210722
FILED AS OF DATE:		20210726
DATE AS OF CHANGE:		20210726

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Seetharam Anil
		CENTRAL INDEX KEY:			0001676191

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36557
		FILM NUMBER:		211114751

	MAIL ADDRESS:	
		STREET 1:		200 CLARENDON STREET
		STREET 2:		FLOOR 35
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02116

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ADVANCED DRAINAGE SYSTEMS, INC.
		CENTRAL INDEX KEY:			0001604028
		STANDARD INDUSTRIAL CLASSIFICATION:	PLASTICS FOAM PRODUCTS [3086]
		IRS NUMBER:				510105665
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0331

	BUSINESS ADDRESS:	
		STREET 1:		4640 TRUEMAN BOULEVARD
		CITY:			HILLIARD
		STATE:			OH
		ZIP:			43026
		BUSINESS PHONE:		614-658-0050

	MAIL ADDRESS:	
		STREET 1:		4640 TRUEMAN BOULEVARD
		CITY:			HILLIARD
		STATE:			OH
		ZIP:			43026
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>ownership.xml
<TEXT>
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<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0206</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2021-07-22</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001604028</issuerCik>
        <issuerName>ADVANCED DRAINAGE SYSTEMS, INC.</issuerName>
        <issuerTradingSymbol>WMS</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001676191</rptOwnerCik>
            <rptOwnerName>Seetharam Anil</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O ADVANCED DRAINAGE SYSTEMS, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>4640 TRUEMAN BOULEVARD</rptOwnerStreet2>
            <rptOwnerCity>HILLIARD</rptOwnerCity>
            <rptOwnerState>OH</rptOwnerState>
            <rptOwnerZipCode>43026</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>9142940</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>99149</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>Berkshire Investors III LLC</value>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>97268</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>Berkshire Investors IV LLC</value>
                    <footnoteId id="F4"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Represents shares held by Berkshire Fund IX, L.P. (&quot;BF IX&quot;), Berkshire Fund IX-A, L.P. (&quot;BF IX-A&quot;), Stockbridge Fund, L.P. (&quot;SF&quot;), Stockbridge Absolute Return Fund, L.P. (&quot;SARF&quot;) and certain other accounts. Ninth Berkshire Associates LLC (&quot;9BA&quot;) is the general partner of BF IX and BF IX-A, and Stockbridge Associates LLC (&quot;SA&quot;) is the general partner of SF and SARF. Berkshire Partners LLC (&quot;BP&quot;) is the investment adviser to BF IX and BF IX-A, and Stockbridge Partners LLC (&quot;SP&quot;) is the investment adviser to SF, SARF and such certain other accounts. Berkshire Partners Holdings LLC (&quot;BPH&quot;) is the general partner of BPSP, L.P. (&quot;BPSP&quot;), which is the managing member of BP and SP. The Reporting Person is a managing member of BPH, BPSP, BP, SP, 9BA and SA. By virtue of the relationships described in the preceding sentences, the Reporting Person may be deemed to share beneficial ownership with respect to the shares of common stock held by BF IX, BF IX-A, SF, SARF and such other accounts.</footnote>
        <footnote id="F2">(Continued from Footnote 1)The Reporting Person disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of the reported securities for purposes of Section 16 or for any other purpose.</footnote>
        <footnote id="F3">Represents shares held by Berkshire Investors III LLC (&quot;BI III&quot;). The Reporting Person is a managing member of BI III. By virtue of the relationship described in the preceding sentence, the Reporting Person may be deemed to share beneficial ownership with respect to the shares of common stock held by BI III. The Reporting Person disclaims beneficial ownership of the shares held by BI III, except to the extent of his pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of the reported securities for purposes of Section 16 or for any other purpose.</footnote>
        <footnote id="F4">Represents shares held by Berkshire Investors IV LLC (&quot;BI IV&quot;). The Reporting Person is a managing member of BI IV. By virtue of the relationship described in the preceding sentence, the Reporting Person may be deemed to share beneficial ownership with respect to the shares of common stock held by BI IV. The Reporting Person disclaims beneficial ownership of the shares held by BI IV, except to the extent of his pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of the reported securities for purposes of Section 16 or for any other purpose.</footnote>
    </footnotes>

    <remarks>See Exhibit 24, Power of Attorney, for potential future use on behalf of the Reporting Person.</remarks>

    <ownerSignature>
        <signatureName>/s/ Anil Seetharam</signatureName>
        <signatureDate>2021-07-26</signatureDate>
    </ownerSignature>
</ownershipDocument>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24
<SEQUENCE>2
<FILENAME>d8910613_24.htm
<DESCRIPTION>POWER OF ATTORNEY
<TEXT>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt TimesNewRomanPS-BoldMT,serif; margin: 0"><B>EXHIBIT 24</B></P>

<P STYLE="font: 10pt TimesNewRomanPS-BoldMT,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt TimesNewRomanPS-BoldMT,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt TimesNewRomanPSMT,serif; margin: 0; text-align: center">POWER OF ATTORNEY</P>

<P STYLE="font: 12pt TimesNewRomanPSMT,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt TimesNewRomanPSMT,serif; margin: 0; text-align: justify">Know all by these presents that the undersigned hereby authorizes
and designates each of D. Scott Barbour, Scott A. Cottrill and Kevin C. Talley as the undersigned&rsquo;s agent and attorney-in-fact,
with full power of substitution to:</P>

<P STYLE="font: 12pt TimesNewRomanPSMT,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt TimesNewRomanPSMT,serif; margin: 0; text-align: justify">(1) prepare and sign on behalf of the undersigned any Form
3, Form 4 or Form 5 under Section l6 of the Securities Exchange Act of 1934, as amended, with respect to the securities of Advanced Drainage
Systems, Inc. (the &ldquo;Corporation&rdquo;), and file the same with the Securities and Exchange Commission;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt TimesNewRomanPSMT,serif; margin: 0; text-align: justify">(2) prepare and sign on behalf of the undersigned any Form
144 Notice under the Securities Act of 1933, as amended, and file the same with the Securities and Exchange Commission; and</P>

<P STYLE="font: 12pt TimesNewRomanPSMT,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt TimesNewRomanPSMT,serif; margin: 0; text-align: justify">(3) take any other action of any type whatsoever in connection
with the foregoing which, in the opinion of such attorney-in-fact, may be of benefit to, in the best interest of, or legally required
by, the undersigned, it being understood that the documents executed by such attorney-in-fact on behalf of the undersigned pursuant to
this Power of Attorney shall be in such form and shall contain such terms and conditions as such attorney-in-fact may approve in such
attorney-in-fact's discretion.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt TimesNewRomanPSMT,serif; margin: 0; text-align: justify">The undersigned hereby grants to each such attorney-in-fact
full power and authority to do and perform any and every act and thing whatsoever requisite, necessary or proper to be done in the exercise
of any of the rights and powers herein granted, as fully to all intents and purposes as the undersigned might or could do if personally
present, with full power of substitution or revocation, hereby ratifying and confirming all that such attorney-in-fact, or such attorney-in-fact's
substitute or substitutes, shall lawfully do or cause to be done by virtue of this power of attorney and the rights and powers herein
granted.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt TimesNewRomanPSMT,serif; margin: 0; text-align: justify">The undersigned acknowledges that the foregoing attorneys-in-fact,
in serving in such capacity at the request of the undersigned, are not assuming, nor is the Corporation assuming, any of the undersigned's
responsibilities to comply with Section 16 of the Securities Exchange Act of 1934, as amended, or Section 5 of the Securities Act of 1933,
as amended, or Rule 144 promulgated under such Act. This Power of Attorney shall remain in effect until the undersigned is no longer required
to file Forms 3, 4, 5 and 144 with respect to the undersigned's holdings of and transactions in securities issued by the Corporation,
unless earlier revoked by the undersigned in a signed writing delivered to the foregoing attorneys-in-fact.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt TimesNewRomanPSMT,serif; margin: 0; text-align: justify">Dated: July 22, 2021</P>

<P STYLE="font: 12pt TimesNewRomanPSMT,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt TimesNewRomanPSMT,serif; margin: 0; text-align: justify">Signature: /s/ Anil Seetharam</P>

<P STYLE="font: 12pt TimesNewRomanPSMT,serif; margin: 0; text-align: justify">Printed Name: Anil Seetharam</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

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