Solution provider and reseller CDW had to back off its planned initial public offering price on the Nasdaq exchange.
In a filing with the Securities and Exchange Commission this week, CDW said it plans to sell 23,250,000 shares of common stock at an estimated price of between $17 and $18 per share. Assuming a price of $17.50, that would raise $379.2 million after expenses.
The company's June 14 prospectus said the company expected an IPO share price of between $20 and $23. The 23.3 million shares also represented a 16 percent cut from the number of shares the company initially planned to sell. A Reuters story reported that concerns about market volatility were behind the lowered IPO expectations.