American Commercial Lines IPO opens; priced at high end; barge transportation and manufacturing (ACLI) 26.03 +5.03:American Commercial Lines IPO opens for trading at $27.05, after pricing at $21, the high end of its expected $19-21 range, albeit on a reduced number of shares to 7.5 mln from 8.3 mln. The co provides barge transportation services as well as the manufacturing of barges, towboats and other vessels. The co is the second largest provider of dry cargo barge transportation and liquid cargo barge transportation on the Inland Waterways. Its manufacturing subsidiary, Jeffboat LLC, is the second largest manufacturer of dry cargo and tank barges in the US. The co operates about 3,200 barges and 124 towboats. Grain is the co's largest cargo segment, accounting for 30% of barging revenue, followed by coal, steel and other bulk commodities. Co also transports chemicals, petroleum, edible oils etc... As we mentioned with yesterday's IPO profile of StealthGas (GASS), there have been quite a few cargo shipping IPOs, diluting interest. However, this one is getting some attention perhaps because of its barge manufacturing unit. Rail car makers (RAIL) have been huge movers, so this may be the angle here. This is being led by Merrill and UBS.
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