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.