Fleet Management

Schneider National Goes Public With IPO Announcement

March 24, 2017

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Photo: Schneider
Photo: Schneider

Schneider National Inc. announced on March 24 the launch of its initial public offering of 28,947,000 shares of Class B common stock at an anticipated price of $18-$20 per share.

At that price, the stocks will be worth around  $520 million to $580 million. Schneider is issuing and selling up to 16,842,000 shares and the selling shareholders named in the registration statement are selling up to 12,105,000 shares. The company’s Class B common stock has been approved for listing on the New York Stock Exchange under the symbol SNDR.

Schneider expects to grant the underwriters an option to purchase up to an additonal 4,342,000 shares of Class B common stock at the initial public offering price, less underwriting discounts and commissions, to cover any over-allotments.

The company will receive no proceeds from the sale of stock by the selling shareholders who consist mostly of members of the Schneider family and directors and executive officers of the company, according to the Milwaukee Business Journal,

Morgan Stanley, UBS Investment Bank and BofA Merrill Lynch are acting as active joint book-running managers of the proposed offering; Citigroup, Credit Suisse, J.P. Morgan, and Wells Fargo Securities are acting as passive joint book-running managers, and Baird and Wolfe Capital Markets and Advisory are acting as co-managers.

Comments

  1. 1. MC [ March 28, 2017 @ 05:26AM ]

    "The company will receive no proceeds from the sale of stock"
    So the company (and it's employees) see all the risk of being thrown to the wolves in the Wall Street casino but absolutely no benefit, just so a few people can fatten their wallets. I have lost sooo much respect for the Schneider family.

 

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