TFI International (TSX: TFII) received approval Tuesday morning to list its shares on the New York Stock Exchange (NYSE) as the Canadian transportation company revealed the pricing of its forthcoming U.S. initial public offering, which suggests a nearly $200 million target.
The NYSE’s approval came as TFI disclosed that it will price the offering of 6 million shares based on its close in Toronto last Friday, C$44.11, or about US$33.20, according to a Securities and Exchange Commission (SEC) filing. A fully subscribed offering at that price would bring TFI nearly US$200 million — though the company has SEC approval to raise US$376 million.
TFI revealed its U.S. offering after releasing its fourth-quarter financial results Monday. The company plans to use the proceeds of the IPO to pay down a credit facility, which could give it the means to pursue additional acquisition opportunities.
TFI will trade under the ticker TFII on the NYSE, its existing symbol in the Toronto Stock Exchange.
TFI has a market cap of about C$3.7 billion or roughly US$2.8 billion.
