Schneider National launches IPO worth up to $580m

Said to be the US’s largest privately owned trucking company, Schneider National is looking to raise over half a billion dollars from its partial IPO, launched on Friday. Although the controlling stake in the company will remain largely with the Schneider family, it appears the income will be reinvested in the firm rather than go to existing shareholders. Around $150m has been earmarked to clear debt, with the remainder set for general corporate expenses – which could include acquisitions as well as pursuing its ambition to convert the rented portion of its chassis fleet to company-owned.