Reuters: Global Markets: Shares of Rexnord close up slightly in market debut

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Shares of Rexnord close up slightly in market debut Mar 29th 2012, 20:30 Thu Mar 29, 2012 4:30pm EDT (Reuters) - The shares of industrial parts maker Rexnord Corp (RXN.N) edged up in their market debut on Thursday, closing up 11 percent at $20. Shares of Rexnord, which is controlled by private equity firm Apollo Global Management LLC (APO.N), opened at $19.05 after pricing at $18, the low end of the expected range. The Milwaukee-based company sold 23.7 million shares, raising over $426 million. The offering valued the company at $1.6 billion. Rexnord's IPO comes after a successful offering from private equity-backed industrial company Allison Transmission Holdings Inc (ALSN.N). Private equity firms are aggressively looking for ways to sell or take their companies public this year, as many were unable to do so in late 2011 due to uncertain market conditions. Rexnord first filed for a $400 million IPO in 2006 when it was owned by private equity firm Carlyle Group. But the plan was scrapped after Apollo offered to buy the company for about $1.8 billion. It then filed for a $750 million IPO in 2008, but later withdrew the prospectus. Bank of America Merrill Lynch, Goldman Sachs, Credit Suisse, Deutsche Bank and Barclays Capital led Rexnord's underwriting. Rexnord shares are trading with the ticker "RXN."

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