Generac stock makes debut on New York Stock Exchange; Wisconsin projects job growth in 2010
Generac stock makes debut on New York Stock Exchange
Generac Holdings Inc., the Waukesha-based parent company of Generac Power Systems Inc., made its debut as a publicly traded company on the New York Stock Exchange last week under the ticker symbol GNRC. The company’s shares closed at $13.41 Friday, and the market was closed on Monday for President’s Day.
"This is a great achievement for Generac and we are extremely pleased by the success of our initial public offering," said Aaron Jagdfeld, chief executive officer of Generac. "We are excited about the future of Generac as a publicly traded company."
Shares of Generac debuted at $13 per share. In earlier filings with the U.S. Securities Exchange Commission, Generac estimated that its shares would sell between $15 and $17.
Generac sold about 18.75 million shares of stock in its IPO. The company previously said it plans to use the proceeds from the offering to pay down debt.
Generac is owned by CCMP Capital Advisors LP, a New York-based private equity firm.
J.P. Morgan Securities Inc., Goldman, Sachs & Co., BofA Merrill Lynch and Robert W. Baird & Co. Inc. are the book running managers for the offering. William Blair & Company, KeyBanc Capital Markets and Stephens Inc. are the co-managers for the offering.
Wisconsin projects job growth in 2010
Wisconsin will start to recover jobs in the second quarter of 2010, according to the new quarterly Wisconsin Economic Outlook by the Wisconsin Department of Revenue.
Total state employment declined by 4.0 percent in 2009 but is expected to start recovering in the second quarter of 2010 and show positive annual growth toward 2011.
The report also shows that although Wisconsin’s personal income declined in 2009, it continues to outperform the Great Lakes region and is closing the gap with U.S. income growth. Wisconsin’s personal income is expected to grow by about 3.3 percent in 2010. The housing sector is showing signs of slow recovery at both the national and state level, as well.
“As we continue to focus on creating and retaining jobs, Wisconsin’s economy is showing stability in personal income growth and is turning the corner in job growth this year,” said Revenue Secretary Roger Ervin. “These are signs that Wisconsin’s economy will emerge from this national economic recession competitively positioned to maintain and attract business and jobs.”
The executive summary and full report are available at http://www.revenue.wi.gov/ra/econ/index.html.
