Milwaukee-based Rexnord Corp. today announced its public offering of 3 million shares of common stock will be priced at $25.75 per share. The 12 million stockholder shares being sold by funds affiliated with Apollo Global Management LLC and George M. Sherman, chairman of Rexnord, will also be priced at $25.75.
Underwriters will have the option to purchase an additional 2.2 million shares.
Rexnord will use the proceeds of the sale for general corporate purposes, and will not receive proceeds from the selling stockholders’ transactions. The offering is expected to close on Feb. 5.