Global Brass and Copper Holdings, a fabricator and distributor of brass and copper products for various end markets, lowered the proposed deal size for its upcoming IPO on Wednesday. The Schaumburg, IL-based company now plans to raise $81 million by offering 7.0 million shares (100% insider) at a price range of $11 to $12. The company had previously filed to offer 9.4 million shares at a range of $15 to $17. At the midpoint of the revised range, Global Brass and Copper Holdings will raise 46% less proceeds than previously anticipated.
Global Brass and Copper Holdings, which was founded in 2007 and booked $1.6 billion in sales for the 12 months ended March 31, 2013, plans to list on the NYSE under the symbol BRSS. Goldman Sachs and Morgan Stanley are the joint bookrunners on the deal.
