J.P. Morgan & Co. on Wednesday priced an equity offering, marking the first time since the 1930s that a commercial bank served as lead manager of a public stock deal in the United States.
Morgan took to market an 11-million-share offering for Riverwood International Corp. The shares were priced at $14.25 each, for a total of $156.8 million.
Riverwood, a paper products company, is an offshoot of Manville Corp., a longtime client of Morgan. Manville continues to own 82% of Riverwood.
Riverwood shares were trading at $14.375 Wednesday afternoon, up 12.5 cents from their initial offering price.