Shares of Milacron LLC ranged from $19.06 to $20.44 on the New York Stock Exchange in first-day trading June 25 in the machinery manufacturers' initial public offering — right at company's target price of $20.
Trading began at $19.68 and closed the day at $19.58. Trading volume was more than 8 million shares.
The offering is expected to close on June 30, the Cincinnati-based company said. Milacron plans to sell 14,285,714 shares of common stock. The plastics machinery manufacturer is now traded under the symbol MCRN on the NYSE.
Milacron Chief Financial Officer Bruce Chalmers said he could not talk about the IPO.
The Cincinnati-based company plans to use the $276.3 million in estimated net proceeds from the stock offing to pay down debt.
After the IPO, Milacron's private equity owner, CCMP Capital Advisors LLC, will continue to own about 62.1 percent of the common stock, according to Milacron's S-1 form.
Milacron also has said it granted the underwriters a 30-day option to buy up to an additional 2,142,857 shares of common stock.
The NYSE originally said Milacron's IPO was expected to happen the day before, on June 24, but Chalmers said the company always had been planning on June 25.