WASHINGTON, June 28 (Reuters) - RBC Bearings Inc., a maker of roller and ball bearings, on Tuesday set its planned initial public offering at 8.17 million shares, with an estimated price of $14 to $16 per share.
The company is planning to sell 6.27 million shares in the IPO, and stockholders intend to sell 1.9 million shares.
Underwriters Merrill Lynch & Co., KeyBanc Capital Markets and Jefferies & Co. will have the option to buy an additional 1.2 million shares to cover overallotments, according to an amended offering document filed with the U.S. Securities and Exchange Commission.
RBC Bearings expects to receive $85.7 million in net proceeds and use the funds to redeem debentures, repay debt and redeem preferred stock.
Assuming the offering price at $15 per share, the midpoint of the range, the company will have an initial market capitalization of $231.9 million.
For the fiscal year ended April 2, RBC Bearings earned $7.1 million on net sales of $243 million. For the year-earlier period, the company earned $663,000 on $187.3 million in sales.
The company intends to list its stock on Nasdaq under the symbol "ROLL" .