Last updated on February 1st, 2022 at 05:28 pm
Milwaukee-based REV Group Inc. went public Friday with shares of the specialty vehicle maker beginning to trade on the New York Stock Exchange.
The company priced its initial public offering at $22 per share, above the $19 to $21 range the company had suggested in a filing earlier this month. The increase would provide the company another $23.4 million in proceeds on the offering of 12.5 million shares.
REV Group is trading under the ticker symbol “REVG.” Shares have traded around $25 during the company’s first few hours of trading.
REV Group CEO Tim Sullivan and other executives were in New York Friday to ring the opening bell at the stock exchange. If you too are interested in trading as a second income, see here the options to trade gold in the UK.
REV Group has said it plans to use the money to pay down debt. The offering is expected to close Feb. 1
Goldman, Sachs & Co., Morgan Stanley and Baird are acting as joint lead book-running managers and representatives of the underwriters for the Offering. BMO Capital Markets Corp., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities, Jefferies LLC, Wells Fargo Securities, LLC and Stifel are also acting as joint book-running managers for the Offering.
New York-based private equity firm American Industrial Partners currently owns almost 90 percent of the company’s shares. That figure will drop closer to 72 percent after the offering.
In November, Sullivan said the offering would offer the company’s private equity ownership an opportunity to exit while also providing capital to accelerate REV Group’s growth.