William B. Cassidy, Senior Editorg | Mar 15, 2012 12:06PM EDT
XPO Logistics increased its public stock offering by 2 million shares Thursday, putting 8 million shares of common stock on the block at $15.75 per share.
The non-asset expedited transportation and freight brokerage business hopes to raise as much as $126 million to expand by acquisition and organic growth.
The $177 million company also increased the amount of stock its underwriters may purchase to 1.2 million shares, up from the original 900,000-share offer.
XPO, formerly Express-1 Expedited Solutions, increased operating revenue 12 percent in 2011 to $177.1 million and reported a net profit of $759,000.
The joint book-running managers for the public offering are Morgan Stanley, Deutsche Bank and Jefferies. The offer is expected to close March 20.
Contact William B. Cassidy at wcassidy@joc.com. Follow him on Twitter at @wbcassidy_joc
