STR Holdings (NYSE:STRI), which provides solar module encapsulants and quality assurance services for consumer products, lowered the proposed deal size for its upcoming IPO. The Enfield, CT-based company now plans to raise $148 million by offering 12.3 million shares at a price range of $11.00 to $13.00.
The company had previously filed to offer the same 12.3 million shares at a range of $13.00 to $15.00. At the mid-point of the revised range, STR Holdings will raise -14% fewer proceeds than previously anticipated, though insiders will represent 73% of deal proceeds instead of 81%.
The company, which was founded in 1944 and booked $270 million in sales over the last 12 months, plans to list on the NYSE under the symbol STRI. The deal is expected to price later tonight.