Allete's Adesa sets IPO size, price


WASHINGTON, May 26 (Reuters) - Adesa Inc., the automotive services business of Allete Inc. , said on Wednesday it plans to issue 6.25 million common shares at an estimated price of $23-$25 per share in an initial public offering. The underwriters, led by UBS Investment Bank and Merrill Lynch & Co., will have the option to buy 937,500 more shares to cover over-allotments, Adesa said in an amended regulatory filing.

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