Reuters: Regulatory News: Taylor & Martin cuts IPO price, offers more shares

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Taylor & Martin cuts IPO price, offers more shares Nov 5th 2012, 12:33 Mon Nov 5, 2012 7:33am EST Nov 5 (Reuters) - Taylor & Martin Group Inc, which helps companies sell their excess inventory and assets, cut the expected price range of its IPO and increased the number of shares on offer. It said it would sell 19 million common shares at $8 to $10 each, instead of 15 million at $10 to $12 per share. The IPO will now raise up to $218.5 million, the company said in a filing with the U.S. Securities and Exchange Commission. After the IPO, the stake of SABA Group LLC, which is controlled by Taylor & Martin CEO Rod Cutsinger, will get diluted to about 15 percent from 97 percent. The stock has been approved for listing on the New York Stock Exchange under the symbol "TMG." Canaccord Genuity and Oppenheimer & Co are acting as the lead underwriters to the offering.

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