Generac Holdings, parent company of Generac Power Systems, last week priced its initial public offering of 18,750,000 shares of its common stock at $13 per share. The shares began trading on the New York Stock Exchange Feb. 11 under the ticker symbol GNRC. Also, Generac granted the underwriters a 30-day option to purchase up to an additional 2.8 million shares at the IPO price.
“This is a great achievement for Generac and we are extremely pleased by the success of our initial public offering,” said Aaron Jagdfeld, Generac CEO. “We are excited about the future of Generac as a publicly traded company.”
Generac Holdings plans to use the net proceeds of the offering to pay down the term loans of its subsidiary Generac Power Systems, including paying down its second lien term loan in full and paying down a portion of its first lien term loan.
J.P. Morgan Securities Inc; Goldman Sachs & Co.; BofA Merrill Lynch and Robert W. Baird & Co. are the book-running managers for the offering, which was co-managed by William Blair & Co., KeyBanc Capital Markets and Stephens Inc.
Generac Power Systems is based in Waukesha, Wis.