CDW, a Fortune 500 technology products retailer, lowered the proposed deal size for its upcoming IPO on Wednesday by removing 4.7 million of insider shares to be sold on the offering and dropping the price range. The Vernon Hills, IL-based company now plans to raise $407 million by offering 23.3 million shares at a price range of $17 to $18. The company had previously filed to offer 27.9 million shares at a range of $20 to $23. At the midpoint of the revised range, CDW will raise 32% fewer proceeds than previously anticipated.
CDW, which was founded in 1984 and booked $10.2 billion in sales for the 12 months ended March 31, 2013, plans to list on the NASDAQ under the symbol CDW. J.P. Morgan, Barclays, Goldman Sachs, Deutsche Bank and Morgan Stanly are the joint bookrunners on the deal. It is expected to price tonight.
