MAYVILLE — Mayville Engineering Company began offering its shares Thursday after company officials rang in the bell at the New York Stock Exchange.
The company released 6.25 million shares of common stock to the public at an initial price of $17. MEC also gave underwriters a 30-day option to buy an additional 937,500 shares at the initial price, minus underwriting discounts and commissions.
The offering is expected to close Monday. The stock price had dropped to $16.47 at close Thursday.
Every share priced at $17 would raise $122 million.
MEC acquired Defiance Metal Products in Ohio for about $115 million last year. MEC plans to use the proceeds to repay debt and for general corporate purposes. It continues to review possible future acquisitions, but has no plans currently in place.
Prior to Thursday, the company had been 100 percent employee-owned.
MEC was started in 1945 by Leo and Ted Bachhuber and has since expanded around the country. The company provides components for use in agriculture, construction, commercial driving, ATVs and motorcycles, military vehicles and more.
Based in Mayville, the company has two facilities in Beaver Dam and locations in Wautoma, Neillsville and other states with nearly 3 million square feet of manufacturing capacity.
The company expects net sales about about $145 million for the three months ending March 31, up from $87.2 for the same period in 2018, according to documents filed with the Securities and Exchange Commission.
Documents about the initial public offering are available on the SEC website. The company is working with Baird, Citigroup, Jefferies, UBS Investment Bank and William Blair on the offering.