Douglas Dynamics, the leading manufacturer of snowplows and salt and sand spreaders in North America, reduced its proposed IPO deal size Tuesday morning. The company now plans to price its IPO between $11.25 and $11.75 per share, 23% below the midpoint of the original $14-$16 range. While the company still plans to sell 10 million shares, but the mix of primary shares shifted to 6.5 million (was 5 million) such that the total gross proceeds to the company remains unchanged at $75 million. As a result of the lower price range, the total proposed deal size falls to $115 million from $150 million. For the twelve months ended December 31, 2009, Douglas Dynamics generated over $45 million in operating cash flow on $174 million in total revenue. Credit Suisse and Oppenhiemer & Co. are the joint bookrunners on the IPO, which is slated to price tonight and open for trading on the NYSE on Wednesday under the ticker symbol "PLOW".
