Aluminum processor Aleris Corp. estimated the size of its initial public offering at 31.25 million shares.
The company filed plans last April for an estimated IPO of up to $100 million to fund general corporate purposes, including working capital, capital expenditures, the construction of an aluminum rolling mill in China and funding possible acquisition opportunities.
Aleris was formed to acquire the assets and operations of Aleris International, which emerged from bankruptcy in June 2010.
The successor company said in Tuesday's regulatory filing it will sell about 9.38 million shares and shareholders will sell the remaining.
Aleris International, based in Ohio, filed for Chapter 11 protection in February 2009 after its assets plummeted in value due to falling aluminum prices, which prompted its banks to shut off access to a revolving loan.
Aleris operates 41 production facilities worldwide, with 14 production facilities that provide rolled and extruded aluminum products and 27 recycling and specification alloy manufacturing plants. Last year, about 51% of the company's revenue was derived from North America.
The company intends to list its shares on the New York Stock Exchange under the symbol ARS.
