PE-Backed Rexnord Prices I.P.O.

Apollo Management-backed U.S. industrial firm Rexnord Corp. said it expects to sell 23.7 million shares in its initial public offering at between $18 and $20 apiece, Reuters wrote Monday. In May last year, Milwaukee, Wisconsin-based Rexnord had revived its plans to go public after two failed attempts, filing to raise $700 million in its IPO. Apollo currently owns about 93.6% of Rexnord.

(Reuters) – Apollo Management-backed U.S. industrial firm Rexnord Corp said it expects to sell 23.7 million shares in its initial public offering at between $18 and $20 apiece.

 

In May last year, Rexnord had revived its plans to go public after two failed attempts, filing to raise $700 million in its IPO.

 

Milwaukee, Wisconsin-based Rexnord makes products for process and motion control — gears, couplings, industrial bearings, aerospace bearings and seals — and water management — drainage products, flush valves and faucet products.

 

Apollo currently owns about 93.6 percent of Rexnord while George Sherman, former chief executive of diversified manufacturer Danaher Corp, is the other major shareholder in the company.

 

Rexnord intends to list on the New York Stock Exchange under the symbol “RXN”.

 

BofA Merrill Lynch, Goldman Sachs, Credit Suisse, Deutsche Bank and Barclays Capital are acting as representatives for the underwriters to the offering.