Douglas Dynamics Inc., a Milwaukee-based maker of snow plows and salt spreaders for light trucks, has set its IPO terms to 10 million common shares being offered at between $14 and $16 per share. It would have an initial market cap of approximately $316 million, were it to price at the high end of its range.
The company plans to trade on the NYSE undder ticker symbol PLOW, with Credit Suisse and Oppenheimer&Co. serving as co-lead underwriters. It had net sales of $174 million in 2009, compared to $151 million in 2008. 2009 net income was $9.8 million, down from $11.47 million in 2008.
Shareholders include Aurora Capital Group (68.65% pre-IPO stake), Ares Corporate Opportunities (33.03%) and the GE Pension Trust (15.23%).