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STR Holdings lowers IPO price range

November 5, 2009

STR Holdings, which provides solar module encapsulants and quality assurance services for consumer products, lowered the proposed deal size for its upcoming IPO. The Enfield, CT-based company now plans to raise $148 million by offering 12.3 million shares at a price range of $11.00 to $13.00. The company had previously filed to offer the same 12.3 million shares at a range of $13.00 to $15.00. At the mid-point of the revised range, STR Holdings will raise -14% fewer proceeds than previously anticipated, though insiders will represent 73% of deal proceeds instead of 81%. The company, which was founded in 1944 and booked $270 million in sales over the last 12 months, plans to list on the NYSE under the symbol STRI. The deal is expected to price later tonight.