U.S. Auto Parts Network’s stock up 15% in first day after initial offering
US Auto Parts Network, an online reseller of aftermarket auto parts, priced an initial public offering of 10 million shares of stock at $10 Thursday night, the low end of its originally proposed $10-$12 range. At mid-day Friday, the stock was trading at $11.50 per share on volume of 2,817,733.
RBC Capital Markets and Thomas Weisel were the joint lead managers on the deal. The stock began trading on the NASDAQ today under the symbol PRTS.
U.S. Auto Parts, whose subsidiary PartsTrain.com is No. 166 in the Internet Retailer Top 500 Guide, operates three e-commerce sites, including Autopartswarehouse.com and USAutoparts.com. The company boasts a product database that maps 550,000 SKUs to more than 4.3 million product applications based on vehicle make model and year.
U.S. Auto Parts is offering 8 million shares and stockholders the other 2 million.
Net proceeds from the offering are intended to reduce a $35 million debt and for general corporate purposes, including introduction of product categories, expansion of product categories and expansion into unnamed complementary businesses, the company says.
In 2005, U.S. Auto Parts generated net income of $6.8 million on revenue of $59.7 million, compared with 2004 net income of $7.1 million revenue of $40.6 million. For the period January through September 2006, the company reported net income of $1.3 million on revenue of $83.7 million.
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