Jacksonville-based Proficient Auto Logistics Inc.’s stock begins trading on the Nasdaq Global Market on May 9 after its initial public offering was priced at the midpoint of its targeted range.
Proficient announced late May 8 its IPO of 14.333 million shares of stock was priced at $15 per share. It expects net proceeds of about $195 million from the stock sale.
The company had said in its IPO registration statements it was seeking to sell the shares at $14 to $16 each.
Proficient’s primary business is shipping new cars from manufacturers to dealers. It was formed to merge five automobile transport companies that together produced $415 million in 2023 revenue.
The largest of the five companies is Jacksonville-based Proficient Auto Transport Inc., which was founded in 1993.
Richard O’Dell, retired CEO of Georgia-based trucking company Saia Inc., is CEO of the merged companies. Proficient Auto Transport CEO Randy Beggs is president and chief operating officer.
Proficient’s IPO filing said the five companies had 649 employees but it did not say how many will work in its headquarters office at 12276 San Jose Blvd. on Jacksonville’s Southside.
Proficient’s stock will trade under the ticker symbol “PAL.”