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Letter to the Editor
Tuesday October 14
LKQ Corp IPO at Initial $13 per Share on NASDAQ
Recycled auto parts supplier LKQ Corp. priced an initial public offering of 7 million shares at $13 a share on October 3. Listed on NASDAQ, symbol LKQX, the stock closed up a bit over $2 higher its first day.Selling stockholders are offering 2 million of the 7 million shares and have offered underwriters Robert Baird & Co. and Jefferies and Co. an option to purchase an additional 1.05 million shares, LKQ said in a statement.
The company operates 38 sales and processing facilities and 12 redistribution centers with a specialty in selling parts to automobile collision and mechanical repair shops and, indirectly, insurance companies and extended warranty companies.
"We offer our customers a wide selection and availability of high quality and low cost alternatives to new ... and aftermarket parts," the company said in its IPO filing. "We believe we are well positioned to take advantage of the trends supporting industry growth, including high frequency of collisions, high cost of vehicle repair and the desire of insurance companies to reduce their claims expenses."
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