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Canada's Stelco IPO to price between C$16 to C$18

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10/23/2017 | 09:05pm CET

Canadian steel maker Stelco Holdings Inc expects its initial public offering to be priced between C$16 to C$18 per share, raising about C$200 million ($158 million) at the mid-point.

The company, owned by U.S. private equity group Bedrock Industries, plans to offer between 11.11 million and 12.50 million of common shares. (http://bit.ly/2hYIVFy)

Stelco, which is emerging from its second bankruptcy in 13 years, will list on the Toronto Stock Exchange under the symbol "STLC".

Stelco operates two steel-processing facilities in Ontario and is targeting the auto sector for growth with plans to increase production of lightweight, higher-strength steels that automakers are increasingly seeking for better fuel economy, according to the company's IPO filings.

Goldman Sachs Canada Inc, BMO Nesbitt Burns Inc Capital Markets, Credit Suisse Securities (Canada) Inc, J.P. Morgan Securities Canada Inc, Scotia Capital Inc, TD Securities Inc, National Bank Financial Inc and Oppenheimer & Co Inc are the underwriters to the offering.

($1 = 1.27 Canadian dollars)

(Reporting by Taenaz Shakir in Bengaluru; Editing by Sriraj Kalluvila)

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