The issue price was set at $15.00, which brings MPG's equity market capitalization over US$1 billion.
The underwriters will have a 30 day option to purchase up to an additional 1,500,000 shares at the IPO price.
MPG is a provider of highly-engineered components for use in powertrain and safety-critical platforms for the global light, commercial and industrial vehicle markets. It was formed in August 2014 through the merger of HHI Group Holdings, Metaldyne LLC, and Grede Holdings LLC to create a new holding company. All three companies were previously majority owned by affiliates of American Securities. Metaldyne was acquired by American Securities and certain members of Metaldyne management in December 2012.
"We would like to congratulate MPG's management team on a successful IPO," said Kevin S Penn, a managing director at American Securities. "Creating MPG through the merger of HHI, Metaldyne, and Grede was a significant undertaking, and the team has done an excellent job in combining the three businesses to create a platform that spans 13 countries and 61 locations."
