Reuters: Private Equity: UPDATE 1-Rexnord IPO prices at $18 vs $18-$20 range-underwriter

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UPDATE 1-Rexnord IPO prices at $18 vs $18-$20 range-underwriter Mar 28th 2012, 22:38 Wed Mar 28, 2012 6:38pm EDT March 28 (Reuters) - Private equity-backed industrial parts maker Rexnord priced shares at $18 at the low end of its expected range on Wednesday, an underwriter said. The Milwaukee-based company, owned by Apollo Management, sold 23.7 million shares, as planned, against a $18 to $20 range. The offering raised $426 million. The IPO will dilute Apollo's stake to 69.1 percent from 93.6 percent. Last year, Rexnord generated net sales of $1.7 billion, up 13 percent from $1.5 billion in 2010. It posted a net loss of $51.3 million, down from a profit of $88.1 million in the year prior. Rexnord's path to an IPO has been a long one. The company first filed for a $400 million IPO in 2006 when it was owned by private equity firm the 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 again in 2008, but withdrew the prospectus later. The IPO also comes after the successful public offering earlier this month from Allison Transmission, another private equity-backed industrial company. Rexnord's IPO underwriters include Bank of America Merrill Lynch, Goldman Sachs, Credit Suisse and Deutsche Bank. Rexnord will begin trading on the New York Stock Exchange on Thursday with the ticker "RXN."

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