Shares of U.S. Xpress stock will begin trading on the New York Stock Exchange on Thursday, the company announced Wednesday, in a bid to raise hundreds of millions for the Chattanooga, Tennessee-based trucking giant (No. 16 in the CCJ Top 250). The company says it anticipates net proceeds of $250 million from its initial public offering, which the company has priced at $16 a share.
It will trade under the ticker symbol “USX”. The carrier operates about 6,500 trucks and employs about 8,000 drivers, according to CCJ Top 250 data.
U.S. Xpress has operated as a privately owned company since 2007. Its Thursday IPO, however, is the second time in the company’s history that it has gone public. Founded in 1986, the company began trading publicly in 1994, but ceased in 2007.
The current IPO is meant as a means for the company to drum up cash and to pay down debts, according to its prospectus filed with the Securities and Exchange Commission. U.S. Xpress reported in the prospectus that it earned $1.55 billion in revenue in 2017, but reported a net loss of nearly $4 million.