International Automotive Components Group disclosed in a filing with the U.S. Securities and Exchange Commission that it plans to raise up to $115 million in an initial public offering of common stock. The filing, however, did not reveal how many shares will be sold or how much their price is. The company said in the filing that it plans to list its common stock on the New York Stock Exchange under the symbol "IACG."
International Automotive Components intends to use the proceeds of the IPO to repay debt. The parts supplier was created formed in 2006 by WL Ross and investment funds managed by Franklin Mutual Advisers LLC.
The company supplies interior components and systems manufactured from its 79 sites across 18 countries to equipment manufacturers and its customers, which Ford Motor Co., General Motors, SAIC Inc. and Honda Motor Co Ltd.
WL Ross and Franklin Mutual Advisers own 60 percent and 27 percent of International Automotive Components, respectively. The auto parts suppliers posted $14 million in net losses on $1.24 billion in total sales for the quarter ended March 30, 2013, according to the SEC filing.
The company had a debt of $691 million as of March 30, 2013. The final size of the IPO could be different than what the company plans. According to the preliminary prospectus, the IPO’s underwriters include BofA Merrill Lynch, Deutsche Bank Securities and JP Morgan. [source: nasdaq]