Noranda Aluminum Holding, a vertically integrated producer of value-added aluminum products, lowered the proposed deal size for its upcoming IPO on Thursday. The Franklin, TN-based company now plans to raise $85 million by offering 10 million shares a price range of $8-$9. The company had previously filed to raise $250 million by selling 16.7 million at a range of $14-$16. At the mid-point of the revised range, Noranda Aluminum Holding will raise -66% fewer proceeds than previously anticipated. The company, which was founded in 2007 and booked $770 million in sales last year, plans to list on the NYSE under the symbol NOR. BofA Merrill Lynch, Morgan Stanley and Credit Suisse are the lead underwriters on the deal, which is expected to price tonight.
