Modular building provider Williams Scotsman International, formerly known as Scotsman Holdings Inc, may offer up to 15.3 million shares for between $16 and $18 a share in an initial public offering, according to a regulatory filing on Friday.
Existing shareholders will sell 619,955 of the shares being offered while underwriters, led by Citigroup, Lehman Brothers and CIBC World Markets, have the option to buy an additional 2.3 million shares to cover over-allotments.
The company was founded more than 50 years ago and says it believes it is the largest provider of modular space solutions in North America, the filing said.
The company operates 85 branch offices serving 25,000 customers in the construction, education, commercial, industrial and government, the filing said.
The company lost $3.5 million on revenue of $261.1 million in the first six months of 2005 after losing $2.2 million on revenue of $231.1 million in the same period in 2004, the filing said. The company has been approved for a NASDAQ listing under the symbol "WLSC".
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