Nearly 6.5 million new shares of TMS International Corp. changed hands Thursday, the company’s first day of trading publicly.
The parent of Tube City Corp., Glassport, set the price of its initial public offering of shares at $13. The shares ended trading yesterday at $12.00.
TMS stated in a securities filing it expects to sell 11.2 million shares of common stock, raising $109.3 million after expenses. Shares trade on the New York Stock Exchange under the symbol “TMS.”
TMS stated it will use offering proceeds to reduce debt of about $44 million and for general corporates purposes. The company provides products and services, including scrap metal, to steel mills and foundries worldwide.
The offering is being co-managed by Merrrill Lynch Pierce Fenner & Smith Inc., Credit Suisse Securities and J.P. Morgan Securities.