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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowPendleton-based auto-parts manufacturer Remy International Inc. once again is exploring an initial public offering and aims to trade shares on a larger stock exchange.
Remy filed with the Securities and Exchange Commission on Sept. 21 to offer 40,000 company shares to employees and immediate family members at a to-be-determined price.
By offering a limited number of shares, Remy hopes to boost its current shareholder count from 190 to 300, enabling the company to list on either the New York Stock Exchange or NASDAQ.
Shares of the thinly traded Remy now are listed on the pink sheets under the ticker symbol RMYI and fetching $16.50 each. Current company shareholders are employees or minority owners.
Employees and family members eligible to purchase the additional Remy stock must buy at least 100 shares but not more than 200, according to the offering.
The SEC is reviewing the offering, which could launch Remy’s IPO by the end of October.
Remy’s pursuit of an IPO follows Jacksonville, Fla.-based Fidelity National Financial Inc.’s decision late last month to purchase 1.18 million additional shares of Remy, increasing its stake in the company from 47 percent to 50.2 percent.
Fidelity acquired its initial stake in Remy in 2007, when the auto supplier emerged from Chapter 11 bankruptcy reorganization.
Remy produces starters, alternators and hybrid motors for light- and heavy-duty vehicles. The company also remanufactures starters and alternators.
Once a division of General Motors Corp., the company spun off in 1994 as Delco Remy before adopting its current name in 2004. It first registered for an IPO with the SEC in March 2011. Remy at the time chose not to pursue the IPO but said the option remained open.
In the second quarter ended June 30, Remy earned $17.4 million on revenue of $295 million.
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