May 7, 2008
NewPage, Verso plan IPOs
Two of the biggest players in Maine's paper industry are planning initial public offerings that are expected to raise hundreds of millions of dollars for each company.
Memphis, Tenn.-based Verso Paper Corp., which operates mills in Jay and Bucksport, and Miamisburg, Ohio-based NewPage Corp., which operates a mill in Rumford, both filed IPO paperwork this week with the U.S. Securities and Exchange Commission. Both companies are owned by private equity firms and specialize in making coated paper.
Verso expects to issue 18.8 million shares at between $17 and $19 a share, which would net the company as much as $1 billion, according to the Associated Press. The AP also reported that though NewPage didn't disclose the size or price range of its planned IPO, it said it may raise as much as $805 million.
No dates have been set for either companies' IPO.
Memphis, Tenn.-based Verso Paper Corp., which operates mills in Jay and Bucksport, and Miamisburg, Ohio-based NewPage Corp., which operates a mill in Rumford, both filed IPO paperwork this week with the U.S. Securities and Exchange Commission. Both companies are owned by private equity firms and specialize in making coated paper.
Verso expects to issue 18.8 million shares at between $17 and $19 a share, which would net the company as much as $1 billion, according to the Associated Press. The AP also reported that though NewPage didn't disclose the size or price range of its planned IPO, it said it may raise as much as $805 million.
No dates have been set for either companies' IPO.
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