Auto haulers crisscross the American kaleidoscope of highways and interstates, but the vehicle transport and logistics space took to a new route this week: Wall Street.

Proficient Auto Logistics said Wednesday it priced its initial public offering at $15.00 per share, with the 14,333,333 common stock shares in the IPO expected to generate total gross proceeds of roughly $215 million prior to taking out underwriting discounts and commissions along with expenses.

Underwriters will have 30 days to buy up to 2,149,999 additional shares of common stock.

The shares began trading Thursday on the Nasdaq Global Market under the “PAL” symbol. The IPO is expected to close Monday.

Trading opened Thursday at $15.00 per share. As of 1:32 pm (ET), the price was at $14.76, reaching a high of $15.24 and a low of $14.75.

Before the IPO, Proficient Auto Logistics agreed to acquire five operating companies in multiple, separate acquisitions: Delta Auto Transport, Inc, Deluxe Auto Carriers, Inc., Sierra Mountain Group, Inc., Proficient Auto Transport, Inc. and Tribeca Automotive Inc.

(Collectively, these are referred to as “Founding Companies.”)

“The net proceeds from the offering will be used to pay the cash portion of the consideration payable to the equity holders of the Founding Companies, expenses in connection with the Combinations and for general corporate purposes, which are expected to include working capital and future acquisitions,” Proficient Auto Logistics said in a news release.

“The Company will not close the acquisition of any of the Founding Companies unless the Company closes the acquisition of all the Founding Companies. Furthermore, the closing of the Combinations and the offering are conditioned on the closing of each other.”

When the offering is complete, Richard O’Dell will become CEO and chairman of the company. He has been non-executive chairman of the board of directors at Saia since April 2020, after serving as Saia CEO from December 2006 to his retirement in April 2020.

Randy Beggs, who has been president and CEO of Proficient Transport since April 2018, will become president and COO of Proficient Auto Logistics.

Brad Wright will be chief financial officer.