Milwaukee-based Rexnord Corp. has closed its previously announced initial public offering (IPO) of 27.2 million shares of common stock at $18 per share.
The number of shares sold includes 3.6 million shares sold as a result of the full exercise by the underwriters of their option to purchase additional shares. The net proceeds of the offering, after deducting underwriting discounts and commissions and estimated expenses, were approximately $459 million.
Rexnord’s stock is now traded on the New York Stock Exchange under the ticker symbol “RXN.”
BofA Merrill Lynch, Goldman, Sachs & Co., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and Barclays Capital Inc. acted as joint book-running managers in connection with the offering.
A registration statement relating to these securities has been filed with, and declared effective on March 28, the Securities and Exchange Commission.
Rexnord is a multi-platform diversified global industrial company.