Andrew Myers/Flickr
Schneider National Inc., the largest privately owned for-hire carrier in the United States and Canada, will become a publicly traded company as soon as April 5 with shares trading between $18 and $20, according to Bloomberg News and a company filing with the Securities and Exchange Commission.
Based on the filing, Schneider’s total overall value is likely between $5.5 billion and $7 billion with a market capitalization around $5 billion.
The Green Bay, Wisconsin, company, which ranks No. 7 on the Transport Topics Top 100 list of the largest U.S. and Canadian for-hire carriers, will offer more than 28.9 million Class B shares to investors, but it’ll represent only a small portion of 185 million Class B shares and 83 million Class A shares outstanding.
According to the filing, Class A shareholders will get 10 votes per share, and Class B holders will get only one vote, allowing the company executives such as the Schneider family voting trust and CEO Chris Lofgren to retain a significant power over shareholder matters.
Schneider is expected to bring in about $281 million with the initial public offering, based on an assumed price of $19 per share.
The updated filing with the SEC also gave the public another glimpse into the financial results of the company during the past three calendar years. The results were positive and show growth companywide.
In 2016, Schneider’s earnings increased 11% to $156.9 million, or $1 per share. In 2015, the company earned $140.9 million in profits, or 91 cents. In 2014, the numbers were $133.6 million or 86 cents.
Revenue also increased in each of the past three years: up 2.2% to $4.05 billion in 2016 and 0.4% to $3.96 billion.in 2015.
© 2017, Transport Topics, American Trucking Associations Inc.
Reproduction, redistribution, display or rebroadcast by any means without written permission is prohibited.