(Reuters circulated the following story on September 12.)
WASHINGTON, D.C. — Union Pacific Corp’s subsidiary Overnite Corp. told U.S. regulators on Friday it would offer 25 million shares at between $15 to $17 in an initial public offering of its common stock.
Credit Suisse First Boston, Morgan Stanley and Citigroup, lead underwriters for the offering have an option to purchase an additional 2.5 million shares, according to the amended Securities and Exchange Commission prospectus.
The Virginia company said it offers a variety of regional, inter-regional and long-haul services across the country.
Union Pacific will receive all net proceeds from the IPO, Overnite said in the filing. Almost 28 million shares will remain outstanding after the offering.
The company has applied to list on the Nasdaq under the symbol “OVNT.”