UPS Shareholders Approve IPO
United Parcel Service, the nation’s largest trucking operation, moved a step closer last week to what could be the biggest initial public stock offering ever.
That puts the value of the stock offering at between $3.9 billion and $4.6 billion. The previous record for initial public offerings was $4.4 billion raised by Conoco in 1998.
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On Oct. 25, UPS shareholders approved a plan to offer 109.4 million shares, or roughly 10% of the stock in the privately owned package carrier, to the public for between $36 and $42 a share.
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Based on a projected offering price of $39 a share, the market value of UPS would top $46.8 billion, four times the size of FDX Corp., the parent of Federal Express and the No. 2 ground package carrier, RPS Inc. FDX has a market value of $11.7 billion.
