Fortress Transportation And Infrastructure Investors Files For $100 Mln IPO

(RTTNews) - Fortress Transportation and Infrastructure Investors Ltd, managed by asset manager Fortress Investment Group LLC (FIG), filed a registration statement on Friday on Form S-1 with the U.S. Securities and Exchange Commission to raise up to $100 million in an initial public offering.

The company publicly revealed in a regulatory filling that it expects to list its shares to trade on the New York Stock Exchange. However, it did not specify the number of shares, and the estimated price range.

In a preliminary prospectus to the SEC, the New York-based company said that it has planned to use the offering net proceeds for the acquisition of new infrastructure assets as well as for working capital and for other general corporate purposes.

The company, which invests primarily in aviation, offshore energy and shipping containers, specified that Barclays Capital Inc. and Deutsche Bank Securities are the representatives of the underwriters.

For the nine-month ended September, net income attributable to partners surged to $14.2 million from $2.9 million while revenue more than tripled to $12.1 million.

Fortress Transportation owns and acquires transportation-related infrastructure assets that are operated globally and generate cash flows through contract payments. The company owned 16 commercial jet engines and also had interests in about 180,000 maritime shipping containers as of September 30.