Douglas Dynamics Delays IPO, Cuts Price

NEW YORK (Reuters) – Snow plow and salt- and sand-spreader maker Douglas Dynamics Inc (PLOW.N) cut the expected price range in its initial public offering and delayed its pricing, according to an underwriter on Tuesday.

The price range was cut to $11.25 to $11.75 from $14 to $16 and the IPO pricing was delayed to Tuesday night from Monday night, the underwriter said.

The company had earlier filed to sell 10 million shares for $14 to $16 each. The underwriter said the company still expects to sell 10 million shares. Shares are expected to trade on the New York Stock Exchange under the ticker symbol “PLOW” (PLOW.N). (Reporting by Clare Baldwin)

peHUB Note: Shareholders include Aurora Capital Group (68.65% pre-IPO stake), Ares Corporate Opportunities (33.03%) and the GE Pension Trust (15.23%).