U.S. Xpress Enterprises Announces IPO

U.S. Xpress
John Sommers II for Transport Topics

U.S. Xpress Enterprises has launched an initial public offering of 18,056,000 shares of its Class A common stock, the Chattanooga, Tenn.-based company announced June 4.

The initial price is expected to be between $18 and $20 a share. The company’s Class A common stock has been approved for listing on the New York Stock Exchange under the symbol USX, subject to official notice of issuance.

U.S. Xpress is issuing and selling up to 16,668,000 shares, and the selling stockholders named in the registration statement are selling up to 1,388,000 shares. U.S. Xpress said it will not receive any proceeds from the sale of shares by the selling stockholders.

The company also said that the selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 2,708,400 shares of Class A common stock at the IPO price, less underwriting discounts and commissions.

Bank of America, Merrill Lynch and Morgan Stanley are acting as lead book-running managers for the offering. J.P. Morgan and Wells Fargo Securities are acting as additional book-running managers, and Stephens Inc., Stifel, and Wolfe Capital Markets and Advisory are acting as co-managers for the offering.

U.S. Xpress ranks No. 31 on the Transport Topics list of the 50 largest logistics companies in North America.