Reuters: Regulatory News: Taylor & Martin files for IPO of up to $172.5 mln

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Taylor & Martin files for IPO of up to $172.5 mln Aug 30th 2012, 21:20 Thu Aug 30, 2012 5:20pm EDT Aug 30 (Reuters) - Taylor & Martin Group Inc, which helps companies cash their excess inventory and assets, filed with U.S. regulators on Thursday to raise up to $172.5 million in an initial public offering of common stock. The Houston-based company told the U.S. Securities and Exchange Commission in a preliminary prospectus that Canaccord Genuity and Oppenheimer & Co are lead underwriters to the offering. The IPO proceeds will be used to pay down debt and to purchase partner companies, Taylor & Martin said in the filing. The company posted a pro forma net income of $6.1 million on revenue of $73.3 million for the half year ended June 30. The filing did not reveal how many shares the company planned to sell or their expected price. The company intends to list its common stock on the New York Stock Exchange under the symbol "TMG". The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.

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