Auto retailer Asbury Automotive Group Inc. on March 14 priced an initial public offering of
7.7 million common shares at $16.50 per share, according to a Reuters report.
Asbury Automotive IPO Priced at $16.50 Per Share
by Staff
March 14, 20021 min to read
The stock will commence trading on March 14 on the New York Stock Exchange under the symbol "ABG."
In the offering, the company is selling 4.5 million shares, while certain existing stockholders are selling 3.2 million shares.
The Stamford, Conn.-based Asbury has granted the underwriters an option to purchase up to 1.16 million additional shares to cover any over-allotments.
Goldman, Sachs & Co. is acting as sole book runner for the offering. Goldman, Sachs & Co. and Merrill Lynch & Co. were co-lead managers,
with Salomon Smith Barney, Raymond James, and Stephens Inc. acting as co-managers, according to Reuters.
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