Swift IPO Set for This Month Could Top $1 Billion
Swift Holdings Corp. said it plans to raise as much as $1.01 billion in an initial public offering this month that could be the largest ever for a truckload fleet.
Swift Holdings Corp., the new corporate name for truckload carrier Swift Transportation, filed with the Securities and Exchange Commission for an IPO in July. (Click here for previous story.)
The IPO will take place on Dec. 14, Bloomberg reported. Swift said in an SEC filing Tuesday it would offer 67.3 million shares at $13 to $15 each and use the proceeds to repay debt.
Founder Jerry Moyes converted Swift from a publicly held carrier to a privately held business in a $2.5 billion deal in 2007.
The largest known trucking stock offering was in 1999, when UPS Inc. raised $5.47 billion.
Swift is ranked No. 10 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
