Allison Transmission goes public at $23 per share
Shares in Allison Transmission Holdings began trading today on the New York Stock Exchange through an initial public offering (IPO), opened at $23 per share, even with its IPO price, Allison said. The company offered 26.1 million shares, which are trading under the ALSN ticker symbol. According to the Wall Street Journal, at mid-morning, the shares were trading at $23.03. Allison said an offering of 3,915,000 additional shares of stock at the initial IPO price are being offered to the underwriters, less the underwriting discounts and commissions, to cover overallotments, if any. For the offering, BofA Merrill Lynch, Citigroup, J.P. Morgan, Credit Suisse, Morgan Stanley and Goldman, Sachs & Co. served as joint book-running managers; Barclays Capital and Deutsche Bank Securities served as lead managers; Baird served as senior co-manager; and KeyBanc Capital Markets and SMBC Nikko served as co-managers. Allison said it will receive no proceeds from the sale of shares by the selling stockholders in the offering.