$15.2 Million Raised in Auction Firm’s Stock Sale
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Insurance Auto Auctions Inc., a North Hollywood-based concern that provides vehicle auction services for insurance companies, has raised $15.2 million in gross proceeds from an initial public stock offering.
The company sold 1.38 million shares in the offering for $11 each. An additional 704,225 shares of Insurance Auto Auctions were sold by one of its existing stockholders, Westinghouse Credit Corp., a unit of Westinghouse Electric Corp.
Insurance Auto Auctions plans to use the proceeds for repaying debt, increasing its working capital and potential acquisitions of other auto-salvage companies.
Founded in 1982, Insurance Auto Auctions has four auction and storage facilities in California and one in Hawaii. The company’s services are used by insurers trying to sell damaged or recovered-theft vehicles.
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