U.S. Xpress Enterprises officially announced the launch of its initial public offering of 18 million shares of its Class A common stock. The IPO price is expected to be $18-$20 per share. U.S. Xpress is issuing and selling up to 16.67 million shares, and the selling stockholders named in the registration statement are selling up to 1.39 million shares.
The company’s Class A common stock has been approved for listing on the New York Stock Exchange under the symbol USX.
U.S. Xpress was founded in 1985 by Max Fuller and Pat Quinn and has been a private company since 2007 but was publicly traded for 13 years prior to that.
The U.S. Xpress fleet consists of around 6,800 tractors and approximately 16,000 trailers with 1,300 tractors operated by independent contractors.