Regional Management Corp., a diversified specialty consumer finance company, said Tuesday that it has priced its initial public offering of 4.2 million shares of its common stock at a price of $15 per share, which is below its previously estimated price range of $17 to $19 per share.
The company is offering 2.975 million shares of common stock and certain of its shareholders are offering 1.225 million shares of common stock.
The underwriters have been granted an option, exercisable within 30 days, to purchase up to an additional 175,000 shares of common stock from the company and an additional 455,000 shares of common stock from the selling stockholders on the same terms and conditions to cover over-allotments, if any.
The company's common stock is expected to begin trading on the New York Stock Exchange on March 28 under the symbol "RM."
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by RTT Staff Writer
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