Douglas Dynamics prices IPO at bottom of cut range

Snowplow maker Douglas Dynamics Inc. said Wednesday it priced shares of its initial public offering at the bottom of a reduced range, raising $112.5 million.

On Tuesday, the Milwaukee company cut the expected price range for its initial public offering by 23 percent to $11.25 to $11.75 per share from a prior range of $14 to $16. Later that evening, 10 million shares priced at $11.25 apiece.

Douglas Dynamics sold 6.5 million shares to initial investors, while stockholders sold 3.5 million shares. Los Angeles private equity firm Aurora Capital Group owned nearly 69 percent of Douglas Dynamics before the IPO. Funds of investment company Ares Capital Corp. own 33 percent.

Both cut the number of shares they planned to sell.

Underwriters led by Credit Suisse may buy another 1.5 million shares from stockholders.

Douglas Dynamics expects shares to make their trading debut on the New York Stock Exchange under the symbol "PLOW" Wednesday.