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Graham Packaging IPO price cut 33% in weak market: report
Graham shares went for $10; the company had expected $15
"Graham Packaging, the York, Pennsylvania- based maker of plastic containers [controlled] by Blackstone [Group and members of the Graham family], sold stock at $10 each to raise $167 million, after seeking as much as $373 million, a filing with the U.S. Securities and Exchange Commission and Bloomberg data showed," reports Bloomberg here.
The company, which counts Procter & Gamble and other big manufacturers among its clients at more than 80 plants at sites including Levittown and Bordentown, had hoped to sell more shares at $15 each.