Supplier IAC files for $115 million IPO (Reuters) -- International Automotive Components Group, backed by billionaire U.S. investor Wilbur Ross, filed with U.S. regulators on Friday to raise up to $115 million in an initial public offering of common stock. The filing did not reveal how many shares the company planned to sell or their expected price. The auto parts supplier, which expects to use proceeds from the offering to repay debt, intends to list its common stock on the New York Stock Exchange under the symbol "IACG". International Automotive Components, formed in 2006 by private equity firm WL Ross and investment funds managed by Franklin Mutual Advisers LLC, has 79 manufacturing facilities across 18 countries. The company supplies interior components and systems to equipment manufacturers and its customers include Ford Motor Co., General Motors, SAIC Inc. and Honda Motor Co Ltd. WL Ross holds about 60 percent stake in the company, while Franklin Mutual Advisers owns 27 percent, according to the filing.
Posted on: Sat, 15 Jun 2013 02:22:02 +0000
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