Truckload carrier U.S. Xpress Enterprises Inc. said today it has launched its initial public offering of more than 18 million shares of common shares expected to be priced at between $18 and $20 per share.
The offering would raise about $360 million, based on the number of shares and the expected pricing range. Chattanooga-based U.S. Xpress is issuing up to 16.6 million shares, while other selling stakeholders are issuing up to 1.388 million, the company said. US Xpress announced in early May its plans to go public.
U.S. Xpress, the nation's fifth largest truckload carrier by revenue, is one of the last major truckers that is privately held. It was founded in 1985 by Max L. Fuller and Pat Quinn. It went public in 1994 but was then taken private in 2007 by Fuller and Quinn in a management-led buyout. Quinn died in 2011. Fuller is the company's executive chairman. His son Eric is its president and CEO.
The company, which does not disclose specific revenue figures, has said on its website that it surpassed $1 billion in annual revenue faster than any truckload carrier in history. It operates 7,000 tractors and 15,500 trailers, according to information on its site.
The Class A common stock has been approved for listing on the New York Stock Exchange under the symbol "USX," subject to the official notice of issuance, U.S. Xpress said.