The options by Oppenheimer and Stifel Nicolaus bring the IPO proceeds to $55.6 million.
TAT Technologies Ltd. (Nasdaq:TATTF; TASE:TATTF) subsidiary Limco-Piedmont Inc. (Nasdaq:LIMC) said yesterday that the underwriters for its recent IPO, Oppenheimer & Co. Inc. and Stifel, Nicolaus & Company have exercised their green shoes option in full and purchased an additional 440,000 shares from the Limco and 220,000 shares of common stock from its parent, TAT Technologies.
TAT Technologies produces and refurbishes aviation components and air conditioning systems for the defense sector. Its subsidiary Limco provides maintenance and repair services to the aviation industry.
The exercise by the underwriters of their options brings the total proceeds from Limco's flotation to $55.6 million. This is a further indication of the interest the company has generated, after the offering itself was five times oversubscribed, as a result of which the company increased the quantity of shares on offer to the public.
Limco ended its third day of trading 25% up on its IPO price.
Published by Globes [online], Israel business news - www.globes.co.il - on July 24, 2007
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