Taylor & Martin Group decreases offer price, increases shares


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Taylor & Martin Group, a rollup of auction marketplaces for pre-owned assets and excessive inventory, revised terms for its upcoming IPO on Monday. The Houston, TX-based company now plans to raise $171 million by offering 19.0 million shares at a price range of $8.00 to $10.00. The company had previously filed to offer 15.0 million shares at a range of $10.00 to $12.00.

At the midpoint of the revised range, Taylor & Martin Group will raise 4% more proceeds than previously anticipated. Taylor & Martin Group, which was founded in 2009 and booked $139 million in sales for the 12 months ended June 30, 2012, plans to list on the NYSE under the symbol TMG. Canaccord Genuity and Oppenheimer & Co. 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 Nasdaq, Inc.

This article appears in: News Headlines , IPOs

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