NEW YORK Global Brass
& Copper Holdings Inc. (GBC) has lowered the size and price
of its proposed initial public offering (IPO), according to
documents filed with the U.S. Securities and Exchange
Commission (SEC) May 22.
The offering is now expected to
price at between $11 and $12 per share and include 7 million
shares, GBC said.
The Schaumburg, Ill.-based
company had previously filed to offer nearly 9.4 million shares
at between $15 and $17 per share (
amm.com, May 20).
GBC first announced plans for an
IPO in late 2011 (
amm.com, Oct. 31, 2011), but it chose to hold off
at that time. It then filed an amended IPO prospectus with the
SEC last month, noting that it might pursue acquisition
opportunities following the IPO (
amm.com, April 24).
The copper fabricator and
distributor said in a recent presentation that it expects the
IPO to take place this week.
GBC, which operates 11 manufacturing facilities and
distribution centers in North America, owns copper product
producers Olin Brass Corp. and Chase Brass & Copper Co.
LLC, as well as distributor A.J. Oster Group.