William B. Cassidy | May 17, 2010 10:51AM EDT
Roadrunner Transportation Services completed an initial public offering, becoming one of a very few trucking and logistics companies to go public in recent years.
The hybrid truckload/less-than-truckload carrier put up 10.6 million shares of common stock at $14 per share, expecting to raise about $148.4 million.
It's the first big IPO in transportation since Echo Global Logistics went public last October, and it comes at a time when many companies are shelving plans for IPOs due to stock market volatility.
Roadrunner will trade under the symbol RRTS on the New York Stock Exchange.
The Cudahy, Wis.-based carrier outperformed many of its peers in the recession.
Roadrunner's LTL revenue slipped only 13.8 percent in 2009, according to estimates from SJ Consulting Group. Overall, LTL carriers saw revenue fall 24.4 percent in 2009.
"We've been able to weather the recession and been profitable," President and CEO Mark DiBlasi told The Journal of Commerce in December.
Its total revenue was down 16.2 percent last year at $450 million, which made it the 37th largest carrier in The Journal of Commerce's list of Top 50 trucking companies.
Roadrunner recently bolstered its network with the acquisition of Bullet Freight Systems, based in Anaheim, Calif.
-- Contact William B. Cassidy at wcassidy@joc.com.
