Trucking and logistics giant Schneider National Inc. launched its initial public offering today, saying that more than 28.9 million shares will be sold at a price of between $18 and $20 a share. The transaction would value the Green Bay, Wis.-based company at about $3.3 billion.
Schneider "Class B" common shares have been approved for listing on the New York Stock Exchange under the ticker symbol "SüdR," the company said. The date for the start of trading hasn't yet been determined.
Schneider, the nation's largest privately held trucking company, announced last October that it would go public in 2017, as long as market conditions were favorable. For its first 67 years, Schneider was run by founder Al Schneider and then his son, Don. Don Schneider retired in 2002 as chairman and CEO, and Christopher B. Lofgren was tapped to fill both roles. Lofgren still heads Schneider. Don Schneider died in 2012.
In its October announcement, Schneider said the IPO's objectives would be to "facilitate continuity of controlling ownership of Schneider" for future generations and to "maintain and further investments in its long-term positioning."
