(Adds background, information on selling stockholders)
NEW YORK, June 13 (Reuters) - BWAY Holding Co. BWY.N, which manufactures metal and plastic containers, sold $150.6 million of stock at $15 a share, below pricing expectations, in an initial public offering, an underwriting source said on Wednesday.
The offering of 10.04 million shares has been expected to price at $16 to $18 each. The offering was priced late on Tuesday.
Investment funds affiliated with New York-based investment firm Kelso & Co., which own more than 85 percent of BWAY, will have a reduced stake after the offering.
All of the shares sold in the IPO were from selling stockholders, and the company will not receive any proceeds, BWAY said in a filing with the U.S. Securities and Exchange Commission.
Underwriters were led by Goldman Sachs & Co. and Banc of America Securities.
BWAY, which makes plastic pails, steel paint cans, ammunition boxes and more, will trade on the New York Stock Exchange under the symbol “BWY.” BWY.N