Rexnord Corp., which is owned by Apollo Management, has revived its plans for an initial public offering, filing Thursday to raise up to $700 million, Reuters reported. In July 2008, the company had filed for an initial public offering of $750 million but withdrew the offering in October 2009. Apollo owns about 93.8% of the company, and bought it from the Carlyle Group in 2006.
(Reuters) – U.S. manufacturer Rexnord Corp revived its plans to go public and filed with U.S. regulators on Thursday to raise up to $700 million in an offering of its common stock.
In July 2008, the company had filed for an initial public offering of $750 million but decided not to proceed with the offering in October 2009. It had not mentioned the reason for withdrawing the IPO.
Rexnord is owned by private equity firm Apollo Management, L.P. and its units, which has a holding of about 93.8 percent of the company’s common stock.
Apollo had bought Rexnord in 2006 from its then-owner Carlyle Group — another private equity firm — for about $1.8 billion.
Rexnord did not say what percentage of common stock Apollo would own after the IPO.
The company makes process and motion control products such as gears, couplings, industrial bearings, aerospace bearings and seals. It also makes water management products such as drainage products, flush valves and faucet products.
For the year ended March 31, Rexnord’s total sales were $1.70 billion and net loss was $51.3 million.
On Thursday, the company said It intends to list its common stock on the New York Stock Exchange under the symbol “RXN”.
In its preliminary prospectus, the Milwaukee, Wisconsin-based company did not say who were underwriting the IPO.
Also, the filing with the U.S Securities and Exchange Commission did not reveal how many shares the company planned to sell or their expected price. (Reporting by Vidya L Nathan and A Ananthalakshmi in Bangalore; Editing by Maju Samuel)