Erickson Air-Crane decreases proposed IPO deal size


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Erickson Air-Crane, which provides aerial firefighting and timber harvesting service on heavy-lift helicopters, lowered the proposed deal size for its upcoming IPO on Wednesday. The Portland, OR-based company now plans to raise $41 million by offering 4.8 million shares at a price range of $8 to $9. The company had previously filed to offer 5.4 million shares at a range of $13 to $15. At the midpoint of the revised range, Erickson Air-Crane would raise 46% fewer proceeds than previously anticipated. Erickson Air-Crane, which was founded in 1971 and booked $153 million in sales for the 12 months ended 12/31/2011, plans to list on the NASDAQ under the symbol EAC. Stifel Nicolaus Weisel, Oppenheimer & Co. and Lazard Capital Markets are the joint bookrunners on the deal, which is still expected to price this week.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: Investing , IPOs

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