Turning Point Brands, which sells tobacco products in the US under the Zig-Zag and Stoker's brands, announced terms for its IPO on Thursday.
The Louisville, KY-based company plans to raise $76 million by offering 5.4 million shares at a price range of $13 to $15. Insiders intend to purchase $40 million worth of shares in the offering. At the midpoint of the proposed range, Turning Point Brands would command a fully diluted market value of $278 million.
Turning Point Brands was founded in 1988 and booked $197 million in sales for the 12 months ended December 31, 2015. It plans to list on the NYSE under the symbol TPB. Cowen & Company and FBR Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of May 9, 2016.
