RACINE, Wis. -- Modine Manufacturing Co. has priced its public offering of 12 million shares of its common stock at $7.15 per share. The size of the offering has been increased from the previously announced 9 million shares. The offering includes a 30-day option for the underwriters to purchase up to an additional 1.8 million shares on the same terms and conditions. The closing of the offering is subject to customary closing conditions and the shares are expected to be delivered on Sept. 30.
 
Assuming no exercise of the underwriters’ option, Modine expects to receive net proceeds from the offering of approximately $81 million after deducting underwriting discounts and commissions and estimated expenses of the offering. Modine intends to use the net proceeds from the offering to reduce indebtedness and for general corporate purposes.

J.P. Morgan is the book-running manager and Robert W. Baird & Co. is the lead manager for the offering. Comerica Securities and KeyBanc Capital Markets are acting as co-managers.