(Bloomberg) -- Proficient Auto Logistics Inc. shares declined 1.7% after raising $215 million in an initial public offering, after pricing the deal at the midpoint of a marketed range.

Share in the company, which transports finished vehicles from manufacturers and shipping ports to auto dealerships, closed at $14.75 each on Thursday, just below the $15 per share IPO price. Proficient Auto sold about 14.3 million shares Wednesday after marketing them for $14 to $16 each.

The trading gives Proficient Auto a market value of around $356 million based on the outstanding shares listed in its filings with the US Securities and Exchange Commission. 

Formed in June out of the combination of five firms with track records in the industry stretching back three decades, Proficient Auto has no operating history of its own, the filings show. The founding companies are set to operate independently with centralized administrative functions in Jacksonville, Florida. 

The firm’s top five customers made up 60% of its combined operating revenue in 2023, led by General Motors Co. which accounted for 26%, as well as Stellantis NV, BMW, Mercedes Benz Group AG and Toyota Motor Corp., the filings show.

Proficient Auto Transport, the company’s accounting predecessor, had net income of $7.2 million on revenue of about $136 million in 2023, compared with net income of $10.4 million on revenue of $130 million a year earlier, according to the filings.

Chief Executive Officer nominee Richard O’Dell indicated an interest in buying about $3 million shares in the offering, the filings showed. After the IPO, O’Dell was set to control 2.9% of the shares if he purchases the full amount at the midpoint of the price range.

The offering was led by Stifel Financial Corp., Raymond James Financial Inc. and William Blair & Co. The company’s shares are trading on the Nasdaq Global Market under the symbol PAL.

©2024 Bloomberg L.P.