CDW Prices IPO at $17, Cuts Offer Size
U.S. technology products retailer CDW Corp on Wednesday cut the size of its initial public offering (IPO), pricing the stock at the bottom end of an already lowered range, according to an underwriter.
The company, which raised about $395 million, cut the number and price of shares earlier in the day, as U.S. stock markets remained volatile on concerns the Federal Reserve may roll back its stimulus policies.
The IPO priced at $17 per share.
CDW sells products from Apple Inc, Hewlett-Packard Co, IBM Corp and others through its catalog and website.
The Dow Jones industrial average has declined more than 4 percent since it hit an all-time high a month ago after the Federal Reserve indicated it will stop the quantitative easing that has kept U.S. economy afloat.
U.S. industrial distribution company HD Supply, backed by Carlyle Group LP, Clayton, Dubilier & Rice LLC and Bain Capital LLC, raised $957.2 million, less than expected, in another IPO late on Wednesday.
JP Morgan, Barclays and Goldman Sachs are leading the offering from Vernon Hills, Illinois-based CDW, which plans to list its shares on the Nasdaq under the symbol "CDW."