Rexnord Takes a Third Shot at an IPO

Rexnord Corp. has revived its plans to go public, filing to raise up to $700 million in an initial public offering. The U.S. industrial firm is backed by Apollo Global Management.

Milwaukee-based Rexnord first filed to go public in 2006 for up to $400 million under the name RBS Global Inc. It was owned by private equity firm Carlyle Group then. The plan was scrapped after Apollo offered to buy the company for about $1.83 billion.

When Rexnord filed for a $750 million IPO in 2008, the prospectus was withdrawn more than a year later without any shares being sold.

Rexnord plans to use the proceeds of the current IPO to redeem notes and to pay Apollo a fee for terminating management services, according to the filing. The stock will be listed under the ticker RXN.

Rexnord makes products for process and motion control and water management, and it serves the mining, petrochemical, energy, aerospace and construction markets.

Apollo Global Management is one of the world's largest private equity investment firms. It is headquartered in New York City and has announced plans for an IPO of its own.