From the Wall Street Journal's website (subscription needed, and I don't have one): http://online.wsj.com/article/BT-CO-200 ... 09687.html
RailAmerica Inc.'s initial public offering of 22 million shares priced at $15 a share Monday, below the expected per-share price range of $16 to $18.And, another article, also from the WSJ, but apparently no subscription needed: http://online.wsj.com/article/SB125530184574579091.html
Shares of the railroad are expected to trade on the New York Stock Exchange under the symbol RA.
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The economy hasn't been kind to railroads in the past year, but RailAmerica Inc. is chugging full steam ahead this week with an IPO that is riding on investors' outlook for better times ahead.
The company, which operates regional and short-line tracks -- smaller rail lines that haul individual suppliers and manufacturers' freight to major railways -- has been hit by slower traffic from its customers. Carload volumes fell in 2009 as the economy sputtered, and RailAmerica's revenue declined by 19% in the first half of the year.
Despite the dropping demand, RailAmerica, like many of its larger cousins, has been able to negotiate rate increases; rail transport is still seen as the cheapest way to move heavy materials across long distances. The company has also had success cutting costs and managed to raise its operating income in the first half of the year by 10%.
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