Western Express Sets Initial Public Offering

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ruckload carrier Western Express Holdings filed Monday with the Securities and Exchange Commission for an initial public offering of up to $90 million in common stock, the Associated Press reported.

Western Express is based in Nashville, Tenn.

Details about the number of shares offered and estimated price range for the IPO weren't disclosed in the filing and some shares will be sold by selling holders, AP reported.

Western Express said it will use net proceeds from the IPO to repay debt and for general corporate purposes, including potential acquisitions of complementary businesses and working capital, AP said.

For the six months ended June 30, Western Express reported net income of $1.5 million, compared with a loss of $617,000 for the same period in 2004.

The company plans to list its common stock on the Nasdaq National Market under the symbol “WEXP,” the AP reported.

Western Express is ranked No. 84 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.