West Milwaukee-based Rexnord Corp. is seeking to raise $474 million in its initial public offering, according to a report in the Milwaukee Journal Sentinel. The long-awaited IPO is expected to take place next week.
In the IPO, Rexnord plans to sell 23.7 million shares at $18 to $20 per share, and use the proceeds to pay Apollo Management, its corporate parent, a $15 million management fee, and redeem $300 million in senior notes.
Rexnord, which makes industrial motion equipment and water management systems, reported sales of $1.4 billion, an increase of 15%, in the first nine months of its fiscal year. It employs 7,400 people worldwide.
