U.S. Xpress launches IPO

The truckload carrier is issuing and selling up to 16,668,000 shares, while stockholders are selling up to 1,388,000 shares.    U.S. Xpress Enterprises Inc. on Monday announced the launch of its initial public offering (IPO) of 18,056,000 shares of its Class A common stock.
   The IPO price is expected to be between $18 and $20 per share, the truckload carrier said in a filing Monday with the Securities and Exchange Commission.
   U.S. Xpress is issuing and selling up to 16,668,000 shares, while stockholders are selling up to 1,388,000 shares.
   The company is not receiving any proceeds from the sale of shares by the selling stockholders.
   The company’s Class A common stock has been approved for listing on the New York Stock Exchange under the symbol USX, subject to official notice of issuance.
   The selling stockholders have granted the underwriters a 30-day option to buy up to an additional 2,708,400 shares of Class A common stock at the IPO price, less underwriting discounts and commissions.
   U.S. Xpress had announced in May its plans to go public.
   The company is the nation’s fifth-largest asset-based truckload carrier by revenues, generating operating revenues of $1.56 billion in calendar year 2017, up 7.2 percent from 2016.
   U.S. Xpress provides services primarily throughout the United States, with a focus on the eastern half of the country.
   As of March 31, the company’s fleet consisted of approximately 6,800 tractors and around 16,000 trailers, including about 1,300 tractors provided by independent contractors.