The company priced its IPO at $10 a share, selling 5.4 million shares to investors and raising $54 million, according to Marketwatch.com. The price is lower than the range of $13 to $15 per share that the company said it expected. The joint managers of the offering are Cowen Group's Cowen and Company, and FBR.
- Headquarters: Louisville, KY
- Founded: 2004
- Sector: Consumer Defensive
- Industry: Tobacco
- Full Time Employees: 289
- turningpointbrands.com
After opening at $10, the stock closed at $10.19 on volume of nearly 2 million shares. It traded as high as $10.40 during the day and as low as $9.90.
Turning Point Brands sells tobacco and related products such as Zig-Zag rolling papers, Beech-Nut chewing tobacco, cigar products and moist snuff. The company formerly was known as North Atlantic Holding Co. Inc. Locally, it's best known for one of its subsidiaries: National Tobacco Co., which operated manufacturing and distribution facilities in Louisville until 2009.
President and CEO Lawrence Wexler and the company's management team rang the opening bell at the New York Stock Exchange this morning to commemorate the IPO.
The last Louisville company to file an IPO prior to Turning Point Brands was Bowie Resource Partners, in June 2015. Bowie owns and operates coal mines. We last heard from that company last year, when it was involved in a $358 million coal mine deal.
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