Schneider Files Form With SEC to Consider IPO
Schneider National Inc., which ranks No. 7 on the Transport Topics Top 100 list of the largest U.S. and Canadian for-hire carriers, filed an S-1 form with the Securities and Exchange Commission on Dec. 22 that could pave the way for the truckload giant to go public in 2017.
According to the filing, Schneider would be authorized to issue up to 600 million shares out of a total of 1 billion shares of class A (250 million) and class B stock (750 million), although the company said it will only list its class B stock on the New York Stock Exchange. It would be traded under the symbol “SNDR.”
“The number of shares to be offered and the price range for the offering have not yet been determined,” the company wrote in a statement.
The filing also gives the public a first glance into the detailed financial status of the privately held company. Schneider generated $109.1 million in profits during the first nine months of 2016, up 17% from the same period in 2015. Revenue during the same period was $2.98 billion, up 1.5% from the year prior. Earnings before interest, taxes, depreciation and amortization was $400.1 million, up from $348.7 million the year prior. When depreciation and amortization are eliminated, the company earned $202.5 million in income from operations, or the revenue minus expenses.
The EBITDA and EBIT numbers are important to determine the value of the company and how to set a price per share should the company go public.
Morgan Stanley, UBS Investment Bank and BofA Merrill Lynch are the active joint book-running managers of the proposed offering, a term that refers to the underwriting firm that is in charge of the accounting books.
