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.
