TFI International files for U.S. IPO

by Truck News

TFI InternationalMONTREAL, Que. — TFI International has filed for an initial public offering in the U.S., the company announced Monday.

It will offer 6 million common shares, it said.

“The offering will be priced in the context of the market; the issue price per share and size of the offering will be determined when TFI International enters into an underwriting agreement for the offering,” company said.

A report on the Nasdaq website said TFI plans to raise $199 million through the IPO. Its proposed post-offering market cap is about $2.9 billion, the report said.

The company has applied to list its common shares on the New York Stock Exchange under the symbol “TFII.”

Trading is expected to commence on the NYSE following the pricing of the offering. TFI International’s common shares will continue to trade on the Toronto Stock Exchange under the symbol “TFII”, the company said.

The IPO will be conducted through a syndicate of underwriters, led by Morgan Stanley, BofA Securities, J.P. Morgan and Credit Suisse as joint lead book-running managers, TFI said.

RBC Capital Markets and UBS Investment Bank will be joint-bookrunners and Cowen, National Bank of Canada Financial, Stephens Inc., Stifel and Wolfe Capital Markets and Advisory as co-managers.

TFI had $3.9 billion in sales for the 12 months ending Dec. 31.

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