Price Set in PIA Initial Offering
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IRVINE — An initial offering of common shares of PIA Merchandising Services Inc. was priced Thursday at $14 each through underwriters led by PaineWebber Inc.
The company, which checks products and displays in stores, had expected the 2.3 million shares to be offered in the $13-to-$15 range. Trading is scheduled to begin today on the Nasdaq market.
Proceeds from the $32-million offering are expected to be used to repay debt, to finance investment and for working capital.
The company checks about 22,500 grocery stores and 7,500 drugstores nationwide to make sure merchandise is displayed properly. Clients include Colgate-Palmolive Co., Ralston-Purina Co. and Nestle Beverage Co., as well as retail outlets owned by Thrifty Corp., Safeway Inc. and Vons Cos. Inc.
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