U.S. Xpress announces launch of initial public offering

U.S. Xpress Enterprises, Inc. (U.S. Xpress) has announced the launch of its initial public offering of 18.1m shares of its Class A common stock. The initial public offering price is expected to be between $18.00 and $20.00 per share. U.S. Xpress is issuing and selling up to 16.7m shares and the selling stockholders named in the registration statement are selling up to 1.4m shares.

U.S. Xpress will not receive any proceeds from the sale of shares by the selling stockholders. 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.

In addition, the selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 2.7m shares of Class A common stock at the initial public offering price, less underwriting discounts and commissions.

Bank of America Merrill Lynch and Morgan Stanley are acting as lead book-running managers for the offering.

Source: U.S. Express