Graham Packaging, a leading supplier of plastic containers for food/beverage and other consumer products, lowered the proposed deal size for its upcoming IPO on Wednesday. The company now plans to price its shares between $10 and $11, 30% below the midpoint of the original $14-$16 range. Graham had originally planned to offer 23.3 million shares, including 6.7 million from selling shareholders, but it lowered its deal size to 16.7 million shares by eliminating the insider selling component. Citi, Goldman Sachs, and Deutsche Bank are the lead underwriters on the deal, which is now expected to price Wednesday evening and begin trading Thursday under the ticker "GRM."
