By IPOdesktop:

Based in Schaumburg, Ill., Global Brass and Copper Holdings (BRSS) scheduled a $ 150 million IPO with a market capitalization of $ 338 million at a price range midpoint of $ 16 for Thursday, May 23, 2013.

Five other new IPOs are scheduled for IPOs for this week. The full IPO calendar is here.

  • S-1 filed May 13, 2013
  • Manager, Joint Managers: Goldman, Morgan Stanley
  • Co Managers: William Blair, KeyBanc

Summary

BRSS is in very prosaic business, copper and brass products. It’s the product of a leveraged buyout where the private equity owner has stripped as much cash as possible from the balance sheet by borrowing and paying dividends. Sales for the March 2013 quarter were $ 445 million and BRSS earned $ 11 million, or 2.6% of revenue. However, earnings for all of 2012 were only $ 13 million on sales of $ 1.65 billion.

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