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.

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This article appears in: News Headlines , IPOs


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