Schneider National Inc. has filed paperwork with the Securities and Exchange Commission in preparation for going public with an initial public stock offering of up to $100 million.
The Wisconsin-based fleet, one of the largest carriers in the U.S. with some 11,000 trucks, intends to use the proceeds for general corporate purposes, including paying off debt, capital expenditures and potential acquisitions.
The number of shares to be offered and the price range have not yet been determined. Schneider said it intends to apply to list its Class B common stock on the New York Stock Exchange under the symbol SNDR.
Founded in 1935, the family-owned company posted revenues of $3.96 billion in 2015 and generated net profits of $140.9 million, according to the Financial Times. The SEC filing indicates that Schneider generated $109.1 million in profits during the first nine months of 2016, up 17% from the same period a year earlier. Revenue during the same period was $2.98 billion, up 1.5% from a year earlier.
Schneider announced in October that it was planning to pursue an IPO in 2017, subject to satisfactory market conditions.
According to a company statement at that time, “the objectives of the planned transaction are to facilitate continuity of controlling ownership of Schneider by the future generations of the Schneider family, while continuing forward with its long-standing, independent, and professional, corporate governance structure.”