Rexnord Corporation, which manufactures power transmission and water management products, announced terms for its IPO on Monday. The Milwaukee, WI-based company plans to raise $450 million by offering 23.7 million shares at a price range of $18.00 to $20.00. At the midpoint of the proposed range, Rexnord Corporation would command a market value of $1.87 billion. Rexnord Corporation, which was founded in 1891 and booked $1.9 billion in sales in 2011, plans to list on the NYSE under the symbol RXN.
This is Rexnord's second attempt to go public. The company first filed in July 2008, before withdrawing in October 2009. Private equity firm Apollo Management will own 69% of shares after the offering. BofA Merrill Lynch, Goldman Sachs and Credit Suisse are the joint bookrunners on the deal.
