Swift Announces $942.6 Million IPO
Swift Transportation, Phoenix, Ariz., plans to go public, selling 67.3 million shares for $13 to $15 each
Swift Transportation, Phoenix, Ariz., plans to go public, selling 67.3 million shares for $13 to $15 each.
The giant truckload carrier filed its terms for the $942.6 million initial public offering Tuesday.
Swift said it would use the proceeds to pay off debt.
As of Sept. 30, Swift operated a fleet of 16,200 tractors, 48,600 trailers and 4,500 intermodal containers in the United States and Mexico. The company posted a net loss of $77.1 million on total operating revenue of $2.15 billion in the nine months ended Sept. 30.
It's not the first time the company's been public. Swift founder Jerry Moyes stepped down as chief executive in 2005 after the U.S. Securities and Exchange Commission filed an insider-trading complaint against him, according to Reuters. Moyes settled for $1.5 million without admitting or denying any claims and returned as CEO in 2007, when he took the company private.
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