reports that Graham plans to raise up to $429.3 through the proposed IPO, selling 16.7 million shares at between $14 and $16 a share. Blackstone will offer 6.7 million shares, and the company would be listed on the New York Stock Exchange under the symbol GRM. A Graham representative contacted by PlasticsToday said that as the company remains in a "quiet period" it cannot comment on the specifics of the deal at this time.
According to The Wall Street Journal, there will be at least 61 million shares outstanding after the offering, with IPO proceeds largely used to repay debt. Graham and Blackstone had floated the idea of a IPO back in 2008. At that time, Hicks Acquisition Company | Inc. (Dallas, TX), Blackstone, and Graham announced plans for a $3.2 billion deal that would leave Blackstone as Graham's largest owner for at least two years. Hicks eventually backed out, however. —[email protected]
