Noranda to offer 10M shares of stock

Franklin-based Noranda Aluminum （NYSE:NOR） plans to offer 10 million more shares of its stock, just six months after going public.

The company said underwriters would also have the option to purchase an additional 1.5 million shares. With the stock trading at $11.54 as of 2 p.m., the sale could be worth as much as $132 million for the company — more than it raised during its IPO in May, when the company valued its shares at $8 and raised $81.6 million by selling the same amount of stock.

Noranda owner Apollo Management had originally hoped to earn by taking the company public.

Noranda says it will use the money to pay down debt.

The company is a North American producer of aluminum products and aluminum coils.