Rexnord files for stock offering

Milwaukee-based Rexnord Corp. filed for an initial public offering with the U.S. Securities and Exchange Commission on Monday.
The company, which manufactures process and motion control and water management products, expects an IPO stock price of $18 to $20 per share for the more than 23 million shares it has offered.
Rexnord has applied to list its common stock as RXN on the New York Stock Exchange. The company is controlled by Apollo Management LP, which will own 69.1 percent of Rexnord’s shares of outstanding common stock.
Underwriters also may purchase an additional 3.5 million shares within 30 days.
The offering is expected to net about $421.3 million.
Rexnord reported net sales of $1.7 billion in fiscal 2011, up from $1.5 billion in 2010. The company had a net loss of $51.3 million in 2011, which was an improvement over a loss of $88.1 million in 2010.

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