Specialty products company Edgen Group Inc. announced that it has priced initial public offering of 15 million shares of its Class A common stock at $11.00 per share, which is below its previously estimated $14 to $16 per share range.
Edgen Group said it will list its shares on the New York Stock Exchange under the symbol "EDG."
The closing of the offering is expected to occur on May 2, 2012, subject to the satisfaction of customary closing conditions.
The underwriters to the offering will be granted an option to purchase up to an additional 2.25 million shares to cover over-allotments, if any.
Edgen said that it intends to use the net proceeds from the offering to repay certain indebtedness of its consolidated subsidiaries. Edgen expects to use any remaining net proceeds for general corporate purposes.
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