Schneider began trading the morning of April 6 at $19 a share, and it closed at $19.02 a share. It reached a high of $19.73 and a low of $18.62 on its first day of trading. Its ticker symbol is “SNDR.”
Schneider driver Bob Wyatt, who has been with the company for 44 years and has logged over 5 million miles without an accident, had the honor of ringing the bell to open the day’s NYSE trading.
The carrier, the sixth largest in North America, announced last fall initial plans to go public. Until its IPO, it was the largest privately owned carrier in the country.
The Schneider family and the Schneider National Voting Trust will hold “Class A” common stock, which is worth 10 votes each. The 28.9 million shares being traded on the NASDAQ are “Class B” common stock, which are worth one vote.
Schneider said last week, when it announced its IPO would be this week, it plans to use $150 million of the net proceeds from the IPO to pay down debt, and another $110 million for general corporate needs, including capital expenditures, which includes a plan to move from a rented chassis model to a company-owned chassis model for its intermodal business.
The Schneider family will receive about $230 million, the company says.
Schneider made about $4 billion in revenue last year. Its net income was over $150 million, according to the company’s filing with the Securities and Exchange Commission.
