Rexnord Corporation (RXN) IPO Opens Higher
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The IPO for Rexnord Corporation (NYSE: RXN) is open for trading. Shares opened at $19.05 after pricing 23,684,211 shares at $18 per share, the low end of the expected $18-$20 range.
BofA Merrill Lynch, Goldman, Sachs & Co., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and Barclays Capital Inc. are acting as joint book-running managers in connection with the offering.
Rexnord is a growth-oriented, multi-platform industrial company. The company has one of the broadest portfolios of highly engineered, mission and project critical Process & Motion Control products in the industrial and aerospace end-market. Rexnord employs approximately 7,400 employees across 63 locations around the world.
For the fiscal year ended March 31, 2011, Rexnord generated net sales of $1.7 billion, income from operations of $219.1 million and a net loss of $51.3 million. Fiscal 2011 results reflect the effect of a $100.8 million loss on debt extinguishment recorded during the year as a result of the early repayment of debt pursuant to cash tender offers. For the nine months ended December 31, 2011, Rexnord generated net sales of $1,423.8 million, income from operations of $175.9 million and net income of $21.3 million.
BofA Merrill Lynch, Goldman, Sachs & Co., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and Barclays Capital Inc. are acting as joint book-running managers in connection with the offering.
Rexnord is a growth-oriented, multi-platform industrial company. The company has one of the broadest portfolios of highly engineered, mission and project critical Process & Motion Control products in the industrial and aerospace end-market. Rexnord employs approximately 7,400 employees across 63 locations around the world.
For the fiscal year ended March 31, 2011, Rexnord generated net sales of $1.7 billion, income from operations of $219.1 million and a net loss of $51.3 million. Fiscal 2011 results reflect the effect of a $100.8 million loss on debt extinguishment recorded during the year as a result of the early repayment of debt pursuant to cash tender offers. For the nine months ended December 31, 2011, Rexnord generated net sales of $1,423.8 million, income from operations of $175.9 million and net income of $21.3 million.
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