Limco-Piedmont Inc. (Nasdaq:LIMC) chalked up a successful IPO yesterday. The company priced the offering of 4.4 million shares at $11 per share, near the upper limit of the $9.50-11.50 pricing range. Limco issued 3.7 million shares, and its parent, TAT Technologies Ltd. (Nasdaq:TATTF; TASE:TATTF), sold 635,000 shares.
Limco expects that the net proceeds, not including the green shoe option granted to the underwriters, will total $37.2 million, while TAT expects $6.5 million, not including the green shoe option. TAT expects to report a pretax capital gain of $23.7 million on the offering.
TAT Technologies is a subsidiary of TAT Industries Ltd. (TASE:TAT5). Limco, based in Tulsa, Oklahoma, fully owns Piedmont, based in North Carolina. The company provides maintenance, repair and overhaul, or MRO, services and parts supply services to the aerospace industry.
Published by Globes [online], Israel business news - www.globes.co.il - on July 19, 2007
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