Schneider National Inc. (NYSE: SNDR) entered the market relatively quietly in its initial public offering (IPO) on Thursday. The company priced its 28.95 million shares at $19 per share, at the middle of the expected pricing range of $18 to $20 per share. There is an overallotment option for an additional 4.34 million shares. At this price the entire offering is valued up to $632.49 million. The stock actually entered the market at $19.50.

The underwriters for the offering are Morgan Stanley, UBS Investment, Merrill Lynch, Citigroup, Credit Suisse, JPMorgan, Wells Fargo, Baird and Wolfe Capital Markets.

This is a leading transportation and logistics services company that provides a broad portfolio of premier truckload, intermodal and logistics solutions and operating one of the largest for-hire trucking fleets in North America. The firm believes that it has developed a differentiated business model that is difficult to replicate due to its scale, breadth of complementary service offerings and proprietary technology platform.

The highly flexible and balanced business combines asset-based truckload services with asset-light intermodal and non-asset logistics offerings, enabling the company to serve its customers’ diverse transportation needs. Since its founding in 1935, management believes that it has become an iconic and trusted brand within the transportation industry by adhering to a culture of safety “first and always” and upholding its responsibility to associates, customers and the communities that it serves.

Schneider is the second largest truckload company in North America by revenue, one of the largest intermodal transportation providers in North America by revenue and an industry leader in specialty equipment services and e-commerce fulfillment.

In the filing, the company said:

Our portfolio consists of approximately 10,500 company and 2,850 owner-operator trucks, 37,900 trailers and 18,100 intermodal containers across North America and approximately 19,300 enterprise associates. We serve a diverse customer base across multiple industries represented by approximately 16,000 customers, including nearly 200 Fortune 500 companies. Each day, we transit over 8.9 million miles, equivalent to circling the globe approximately 360 times. Our logistics business manages nearly 23,000 qualified carrier relationships and, in 2016, managed approximately $2 billion of third-party freight.

Schneider intends to use the proceeds from this offering to repay its debt, as well as for working capital and general corporate purposes. The company will not receive $230 million in the offering; instead selling shareholders will receive those proceeds.

Shares of Schneider were last seen at $19.255, with a range of $19.10 to $19.74 on the day. About 9 million shares had moved on the day by around 11 a.m. Eastern.

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