Rexnord is seeking to raise about $700 million in an initial public offering (IPO), The Wall Street Journal reports. The proceeds from the share sale are expected to be used to repay existing debt and pay majority shareholder, Apollo Management, for the termination of its management-services agreement.
The shares will be traded on the New York Stock Exchange. A planned listing of the industrial company by former owner, Carlyle, was cancelled when Apollo agreed to buy it for $1.8 billion in 2006, adds AltAssets.
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