Global Brass and Copper (BRSS) IPO Opens Higher

May 23, 2013 9:58 AM EDT
The IPO for Global Brass and Copper (NYSE: BRSS) opened for trading at $11.75 after pricing 7,000,000 shares at $11 per share, the low end of the expected $11-$12 range.

Goldman, Sachs & Co., Morgan Stanley, William Blair and KeyBanc Capital Markets are underwriters for the offering, with Goldman, Sachs & Co. and Morgan Stanley acting as representatives for the underwriters.

The Company is a leading, value-added converter, fabricator, distributor and processor of specialized copper and brass products in North America. It engages in metal melting and casting, rolling, drawing, extruding and stamping to fabricate finished and semi-finished alloy products from processed scrap, copper cathode and other refined metals. The Company’s products include a wide range of sheet, strip, foil, rod, tube and fabricated metal component products that it sells under the Olin Brass, Chase Brass and A.J. Oster brand names. The Company’s products are used in a variety of applications across diversified end markets, including the building and housing, munitions, automotive, transportation, coinage, electronics/electrical components, industrial machinery and equipment and general consumer end markets. It accesses these end markets through direct mill sales, its captive distribution network and third-party distributors.

For the year ended December 31, 2012, the company shipped 503.2 million pounds of products, and we generated net sales of $1,650.5 million, adjusted sales of $524.9 million, net income attributable to Global Brass and Copper Holdings, Inc. of $12.5 million and Consolidated Adjusted EBITDA of $115.4 million. U.S. operations generated 94% of total net sales in the year ended December 31, 2012.

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