Reuters: Regulatory News: UPDATE 1-Ceva Logistics files for IPO of up to $400 mln

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UPDATE 1-Ceva Logistics files for IPO of up to $400 mln May 4th 2012, 22:14 Fri May 4, 2012 6:14pm EDT * To list shares on NYSE under symbol "CEVL" * Company backed by Apollo Global Management May 4 (Reuters) - Ceva Logistics, majority owned by Apollo Global Management LLC, filed with U.S. regulators on Friday to raise up to $400 million in an initial public offering of its common stock. The United Kingdom-based company told the U.S. Securities and Exchange Commission in a preliminary prospectus that it intends to list on the New York Stock Exchange under the symbol "CEVL." The company is the world's second largest non-asset based supply chain management company, as measured by 2011 revenue, according to the regulatory filing. The filing did not reveal how many shares the company or stockholders planned to sell or their expected price. IPOs in the logistics industry are picking up after a long drought. Linc Logistics, which had initially filed for an IPO in June 2010, renewed the process last week. Apollo bought the logistics division of TNT NV, the predecessor of Dutch global express company TNT Express , in 2006 for $1.9 billion and renamed it Ceva. In 2007, Ceva bought Houston-based freight management group EGL Inc for $2 billion. Apollo Management holds a 91.3 percent stake in Ceva, which generated a net loss of $358 million, on revenue of $9.6 million. Ceva has been posting net losses due to its debt burden, which amounted to $3.08 billion after a refinancing earlier this year. In February, Ceva completed a debt-to-equity swap that eliminated about 860 million pounds ($1.39 billion) in debt. The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different. Link this Share this Digg this Email Reprints

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