Wednesday, April 11, 2012
Erickson Air-Crane announced the official pricing for its initial public offering at $8 per share.
It’s the first initial public offering in Oregon since 2004, a drought symptomatic of the state’s struggles in growing larger businesses. IPOs among young companies can pay back a business’s early investors, reward the company’s founders and provide the funds to finance continued growth.
More than a rebound for Oregon business, though, Erickson’s IPO represents another disappointment. The Portland company isn’t gearing up for rapid growth: It’s a 40-year-old business just trying to pay down $130 million in debt.
Erickson said it sold 4.8 million shares at $8 apiece. It expects to raise $32 million, less than half the $65 million the company said it hoped to raise last month.
Read more at OregonLive.com.
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