Coated paper supplier Verso Paper Corp. is planning an initial public offering of common stock, according to a Securities and Exchange Commission filing today.
The Memphis, TN-based company did not disclose the expected size or price range of the IPO, but indicated the offering price may total up to $345 million. (The total offering price was estimated solely to calculate its registration fee and may change, Verso said.) Its shares will be listed on the New York Stock Exchange under the symbol ‘VRS.’
The company’s primary products include groundwood paper for catalogs and magazines; coated freesheet paper used for annual reports, brochures, and magazine covers; and supercalendered paper, which is primarily used for retail inserts. It also supplies market pulp used to make printing and writing paper grades and tissue products.
For the nine months ended Sept. 30, Verso posted a loss of $103.4 million on net sales of $1.18 billion. The company operates 11 paper machines at four mills located in Maine, Michigan, and Minnesota.