Schneider National, which was founded in 1935, has emerged as the leading trucking company in the United States. The Green Bay, Wisconsin-based company currently has more than 11,000 vehicles in their fleet. Schneider announced the terms of its IPO on Friday. The company hopes to raise $550 million dollars, while offering 28.9 million shares to investors. The price of the stock will trade initially at a range between 18 and 20 dollars. During the 12 months ending on December the 31st of 2016, Schneider National booked 4.0 billion dollars in sales.
When the company’s stock begins trading on the New York Stock Exchange, it will do so under the symbol SNDR. The company intends to price their IPO during the week of April the 3rd. Earlier this month, Schneider National and CSC confirmed a new multi-year agreement in which CSX will continue to be one of the company’s primary rail providers. Of the 28.9 million shares being offered, approximately 16.8 million will come from the company, while the remaining 12.1 million will come directly from trusts for the Schneider family. Family members will maintain voting control by owning all of the Class A stock.
The company’s primary goal with the proceedings is to pay down debt. $150 million will go to that cause. The remaining proceeds will be used for general corporate purposes, such as purchasing 110 million dollars of chassis. A date for SNDR stock to hit the market has not been set at this time.