Green Bay-based Schneider National Inc. began trading today on the New York Stock Exchange.
Schneider provides trucking, intermodal and logistics services. Its class B common stock is now being traded under the ticker symbol “SNDR.”
Schneider reported 2016 net income of $156.9 million and operating revenue of $4 billion. Its initial public offering of about 29 million shares, priced at $19 per share, was expected to bring in approximately $551 million.
The company plans to use the proceeds of the offering to keep the controlling ownership of the company with the Schneider family and continue its independent and professional corporate governance structure.
“This allows the company to continue its commitment to Wisconsin and the communities in which we live and operate, while maintaining and enabling further investments in our long-term positioning,” said Chris Lofgren, chief executive officer of Schneider. “The Schneider family, management team and board of directors are aligned that this is in the best interests of our company and its associates, customers and shareholders.”
Bob Wyatt, a 44-year veteran of Schneider who has driven 5 million miles without an accident, rang the opening bell at the NYSE this morning. Schneider has more than 11,000 drivers.
Schneider National is the latest Wisconsin company to go public. In January, Milwaukee-based Rev Group Inc. made its IPO and Milwaukee-based Gardner Denver Holdings Inc. has started the process of going public.