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Polypore International Inc., which makes membranes for industrial use, said on Friday that it has priced an offering of 4.5 million shares at $52.75 each.
The sellers -- who will get all the money from the offering -- include some Polypore executives, as well as Warburg Pincus Private Equity and Warburg Pincus International Partners LP. The company said Warburg Pincus and its affiliates will still own about 13 percent of Polypore common shares after the offering.
The sale is expected to close March 23. The company announced it Thursday afternoon, then announced the pricing Friday morning. It said the sale included 285,295 shares to be sold by executives including its CEO.
After the announcement Friday morning, shares of Polypore dropped $3.51, or 6.3 percent, to close at $52.18 on heavier-than-average trading. They fell another 47 cents to $51.71 in aftermarket trading.