Schneider, a family-owned company since it was founded in 1935, raised an estimated $550 million in its initial public offering Thursday, according to published reports.
The Green Bay, Wisconsin-based fleet is one of the largest trucking operations in the country, with operations not only in truckload, but also in third party logistics, intermodal, last-mile delivery and more.
Schneider's Class B common stock began trading on the New York Stock Exchange Thursday morning under the ticker symbol “SNDR,” after veteran Schnedier driver Bob Wyatt rang the bell to open the day’s trading. The company priced its 28.95 million shares at $19 per share, and it actually entered the market at $19.50. The money will be used to pay down debt and make other investments, such as buying intermodal chassis.
Bloomberg’s Alex Barinka grabbed an interview on the trading floor with Chris Lofgren, president and CEO. In this video, Lofgren discusses not only the IPO, but also infrastructure funding, autonomous vehicles, and the driver shortage.
Asked about the timing for the IPO, with a note that trucking stocks overall are trending up, Lofgren said, “Clearly we move the nations’ economy, and I think everybody is hopeful that we’re going to start seeing growth… also the regulations are going to cause people to have to decide if they’re in or they’re out, and I think that’s going to be good for the industry.”