May 12, 2011 / 10:47 AM / 9 years ago

UPDATE 1-SRAM International files for IPO of upto $300 mln

* Intends to list under the symbol “SRAM”

* Has not decided the exchange it wants to list on (Follows Alerts)

May 12 (Reuters) - SRAM International Corp, a manufacturer and designer of bicycle components, filed with U.S. regulators on Thursday to raise up to $300 million in an initial public offering of common stock.

The company intends to use the proceeds from the offering to repay debt.

The filing did not reveal how many shares the company planned to sell or their expected price.

The company intends to list under the symbol “SRAM”, but has not decided which exchange it intends to list on.

The Chicago, Illinois-based company told the U.S. Securities and Exchange Commission in a preliminary prospectus that J.P. Morgan, Bank of America Merrill Lynch, Morgan Stanley, among others, are underwriting the IPO.

The amount of money a company says it plans to raise in its first IPO filings is just used to calculate registration fees. The final size of the IPO could be different. (Reporting by Tanya Agrawal in Bangalore; Editing by Sriraj Kalluvila)

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