U.S. Auto Parts to launch IPO |
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Wed, 07 Feb 2007 21:53
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NEW YORK (AFX) - Online aftermarket car parts retailer U.S. Auto Parts Network Inc. plans to launch its initial public offering this week.In a January filing with the Securities and Exchange Commission, U.S. Auto Parts said it plans to sell 10 million shares at between $10 and $12 per share. The company is offering 8 million shares, while 2 million are being offered through selling shareholders.Underwriters include RBC Capital Markets, Thomas Weisel Partners LLC, Piper Jaffray and JMP Securities. They are allowed to buy up to 1.5 million more shares to cover over-allotments. The company hopes to trade on the Nasdaq Global Market under the ticker 'PRTS.'The Carson, Calif.-based company provides automotive parts to the aftermarket, including items for car bodies, engines, performance parts and accessories, through a network of Web sites.The company is expected to compete with more traditional store-based auto parts retailers including Advance Auto Parts Inc., AutoZone Inc. and Pep Boys - Manny, Moe & Jack.U.S. Auto Parts booked sales of $59.7 million for the year ended Dec. 31, 2005.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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