Fortress Transportation and Infrastructure Investors LLC, an LLC formed by Fortress to own aviation, rail and marine transportation assets, announced terms for its IPO on Monday.
The New York, NY-based company plans to raise $400 million by offering 20 million shares at a price range of $19 to $21. At the midpoint of the proposed range, it would command a market value of $1.5 billion.
Fortress Transportation and Infrastructure Investors LLC, which was formed in 2013 and booked $58 million in sales for the 12 months ended December 31, 2014, plans to list on the NYSE under the symbol FTAI. Fortress Transportation initially filed confidentially on October 30, 2013. Citi, BofA Merrill Lynch, Barclays, Deutsche Bank and UBS Investment Bank are the joint bookrunners on the deal. It is expected to price during the week of May 11, 2015.
