Utility contractor InfraSource officially lowers its IPO terms

InfraSource Services, a leading U.S. utility infrastructure contractor and former unit of Exelon, amended the terms for its upcoming IPO on Thursday afternoon. According to an SEC filing, InfraSource lowered the amount of shares to be offered from 14.7 million to 10 million. While the company itself is now offering 8.5 million shares versus 7.4 million as originally planned, its largest shareholder Oaktree Capital decided to sell only 1.5 million versus 7.4 million as stated in the prospectus. In addition, InfraSource reduced the price range from $16-$18 to $13-$15, effectively cutting the valuation by 18%. Lead underwriter Lehman Brothers is expected to price the deal on Thursday evening.