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Post Holdings nutrition unit BellRing prices IPO, secures $480M

Packaged food company Post Holdings Inc. and its nutrition products unit BellRing Brands Inc. on Oct. 16 priced BellRing's initial public offering of 34,285,714 shares of class A common stock at $14 a share.

The offer values the IPO at $480 million, lower than the earlier expected valuation of up to $570 million. BellRing Brands previously offered 30 million shares for $16 to $19 each.

The maker of PowerBar energy snacks will begin trading on the New York Stock Exchange on Oct. 17 under the symbol BRBR.

The St. Louis-based company also granted the underwriters a 30-day option to purchase up to an additional 5,142,857 shares of its class A common stock at the IPO price.

Post Holdings expects to own about 74% of BellRing upon closure of the offering, or about 71% if the underwriters fully exercise their option. The offering is expected to close Oct. 21, subject to customary closing conditions.

Morgan Stanley & Co. LLC, Citigroup, J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC acted as the lead book-running managers for the offering. BofA Merrill Lynch, Barclays Capital Inc., BMO Capital Markets Corp., Credit Suisse Securities (USA) LLC, Evercore Group LLC, Stifel Nicolaus & Co. Inc., SunTrust Robinson Humphrey Inc. and Wells Fargo Securities LLC acted as book-running managers. HSBC Securities (USA) Inc., Nomura Securities International Inc., PNC Capital Markets LLC, Rabo Securities USA Inc. and UBS Securities LLC acted as co-managers for the offering.