CDW has lowered its IPO price range to $17-$18 from $20-$23, and removed 4.65M shares held by...


CDW has lowered its IPO price range to $17-$18 from $20-$23, and removed 4.65M shares held by P-E owners Madison Dearborn and Providence Equity from the offering; the IT distributor will still be selling 23.25M new shares. The lowered price range translates into a valuation range of $2.86B-$3B, or 0.28x-0.3x 2012 sales and 15x-16x earnings. CDW posted Q1 revenue of $2.41B (+4% Y/Y), and net income of $28.3M. The company had $3.68B in debt and capitalized lease obligations at quarter's end, and just $147M in cash. (S-1) (previous)
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