Turning Point Brands Prices IPO At $10.00 A Share

Turning Point Brands, Inc. TPB, which was a leading provider of other tobacco products, revealed the pricing of its IPO. According to the company, the 5.4 million shares of common stock were priced at $10.00 per share.

Turning Point Brands indicated the shares were expected to start trading on the New York Stock Exchange on May 11 under the ticker symbol "TPB." The company added that underwriters were granted a 30-day option to acquire a maximum of an additional 810,000 shares of common stock.

The IPO is expected to close on May 13, 2016, subject to customary closing conditions. The joint book-running managers to the issue were Cowen and Company, LLC, and FBR Capital Markets & Co. and the shares would be delivered to purchasers through the book entry facility of The Depository Trust Company.