PE-backed Manac expects up to $42 mln from IPO

Saint-Georges, Québec-based Manac Inc, a manufacturer of vans, flatbeds and specialty trailers in North America, recently priced its previously announced initial public offering of subordinate voting shares on the Toronto Stock Exchange. In a prospectus filed on September 30th, the company flagged its intention to offer 4,761,905 shares at a price of $8.40 per share, giving Manac gross proceeds of $40 million. An over-allotment option could raise this amount to $42 million. Manac is currently a portfolio investment of U.S. private equity firm American Industrial Partners, which acquired a 50% interest in the company in 2012.

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