(Reuters) - Helicopter maker Erickson Air-Crane Inc filed with U.S. regulators on Wednesday cutting the size of its initial public offering.
The Portland, Oregon-based company, which had earlier expected to sell 5.4 million shares between $13 to $15 apiece, now expects to offer 4.8 million shares at $8 to $9 apiece.
In May 2010 Erickson had filed with the U.S. Securities and Exchange Commission to raise upto $75 million in IPO.
At the mid-point of its offering price, the company now expects to receive net proceeds of $33.5 million, which it will use to pare debts.
The company has applied to list its shares on the Nasdaq under the symbol “EAC.”
Oppenheimer & Co, Lazard Capital Markets, D.A. Davidson & Co and Stifel Nicolaus Weisel are the underwriters to the offering.
Reporting by Eileen Anupa Soreng in Bangalore; Editing by Supriya Kurane