Echo Global Logistics goes public

Echo Global Logistics goes public

   Echo Global Logistics has raised about $80 million through an initial public offering of its common stock.

   The company offered 5.7 million shares for sale, which were priced at $14 per share before underwriting discounts and commissions.

   Certain stockholders granted the underwriters the option to purchase up to an additional 855,000 shares at the initial public offering price to cover over-allotments, if any.

   Chicago-based Echo provides what it calls technology enabled transportation and supply chain management services, delivered on a proprietary technology platform. It focuses primarily on arranging transportation across the major modes, including truckload, less-than-truckload and small parcel. It also offers intermodal, domestic air, expedited and international transportation services.

   Formed in January 2005, the company said it served more than 11,600 clients using about 4,500 different carriers in the first six months of 2009.

   Last year Echo had revenue of $202.8 million and net income of $2.9 million.