NEW YORK -- TRW Automotive Holdings Corp., one of the world's biggest auto parts companies, priced its initial public offering at $28 per share, Goldman Sachs said on Monday.
The Livonia, Mich., company had earlier estimated the IPO of 24 million shares would sell at $28 to $30 each.
The company said some proceeds of the IPO will go towards buying back stock held by an affiliate of private equity company Blackstone Group, which controls TRW. Other proceeds will go toward repaying debt.
Underwriters Goldman Sachs, Credit Suisse First Boston and JP Morgan have an option to purchase an additional 3.6 million shares. TRW intends to list on the New York Stock Exchange under the symbol "TRW".
