Fortress Transportation files for IPO of up to $100 million
(Reuters) - Fortress Transportation and Infrastructure Investors Ltd, managed by asset manager Fortress Investment Group LLC (FIG.N), filed with U.S. regulators to raise up to $100 million in an initial public offering of common stock.
Fortress Transportation owns and acquires transportation-related infrastructure assets that are operated globally and generate cash flows through contract payments.
The company, which invests primarily in aviation, offshore energy and shipping containers, owned 16 commercial jet engines and also had interests in about 180,000 maritime shipping containers as of September 30.
Fortress Transportation told the U.S. Securities and Exchange Commission in a preliminary prospectus on Friday that Barclays and Deutsche Bank Securities were underwriting the IPO.
However, the filing did not reveal how many shares the company planned to sell or their expected price. (link.reuters.com/qeq75v)
Fortress Transportation intends to list its common stock on the New York Stock Exchange.
Net proceeds from the offering would be used to buy new infrastructure assets as well as for working capital purposes, the company said in the filing.
The New York-based company's net income rose to $14.2 million from $2.9 million in the nine months ended September 30. Revenue more than tripled to $12.1 million.
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.
(Reporting by Avik Das in Bangalore; Editing by Maju Samuel)
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