REV Group Initial Public Offering Shares Set at $22

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REV Group announced Thursday the pricing of its initial public offering of 12,500,000 shares of its common stock at the initial public offering price of $22 per share.

In addition, certain selling stockholders have granted the underwriters for the offering an option to purchase up to 1,875,000 additional shares of REV Group’s common stock at the initial public offering price less the underwriting discount. The offering is expected to close on or about Feb. 1, subject to customary closing conditions.

REV Group’s shares of common stock have been approved for listing on the New York Stock Exchange and are expected to begin trading under the ticker symbol “REVG” today.

Goldman, Sachs & Co., Morgan Stanley and Baird are acting as joint lead book-running managers and representatives of the underwriters for the offering. BMO Capital Markets Corp., Credit Suisse Securities, Deutsche Bank Securities, Jefferies, Wells Fargo Securities and Stifel are also acting as joint book-running managers for the offering.

The potential total proceeds from the IPO represent a significant increase over the company’s initial filings, which suggested it would raise $100 million.

Rev Group earlier had stated it plans to use approximately $192.1 million to pay off its outstanding senior secured notes, which have a fixed interest rate of 8.5 percent and mature on Nov. 1, 2019. The company will also use up to $39.3 million to pay on its asset-based loans.



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