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Presenting a lower price: PSAV decreases proposed IPO deal size to $177 million

June 16, 2016
PSAV

PSAV, a leading provider of audiovisual equipment rental and support services for events, removed insider selling and lowered the proposed range ahead of its upcoming IPO on Thursday.

The Schiller Park, IL-based company now plans to raise $177 million by offering 14.2 million shares at a price range of $12 to $13. The company had previously filed to offer 16.1 million shares at a range of $14 to $17. At the midpoint of the revised range, PSAV will raise 29% less in proceeds than previously anticipated.

PSAV was founded in 1962 and booked $1.5 billion in sales for the 12 months ended March 31, 2016. It plans to list on the NYSE under the symbol PSAV. Goldman Sachs, Morgan Stanley, Barclays and Credit Suisse are the joint bookrunners on the deal. It is expected to price during the week of June 13, 2016.