Ryerson Holding slashes IPO price range to $11-$12

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Ryerson Holding, the second largest metals distributor in North America, lowered the proposed deal size for its upcoming IPO on Thursday. The Chicago, IL-based company now plans to raise $127 million by offering 11.0 million shares at a price range of $11 to $12. The company had previously filed to offer 11.0 million shares at a range of $17 to $20. At the midpoint of the revised range, Ryerson Holding would raise 38% less in proceeds than previously anticipated.

Ryerson Holding, which was founded in 1842 and booked $3.4 billion in sales for the 12 months ended 3/31/2014, plans to list on the NYSE under the symbol RYI. BofA Merrill Lynch, Deutsche Bank, BMO Capital Markets, J.P. Morgan and Jefferies are the joint bookrunners on the deal.



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



This article appears in: News Headlines , IPOs

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