The Car and Truck Fleet and Leasing Management Magazine

ADESA Launches Initial Public Offering of 6.25 Million Shares

June 22, 2004

ADESA Inc. on June 16 announced an initial public offering (IPO) of 6.25 million shares of common stock at $24 a share. With that offering ADESA becomes the nation’s only wholesale auto auction company that is publicly held. Shares closed at $25.25 ADESA also said it has issued $125 million in bonds and secured $525 million in credit commitments from 29 commercial banks. ADESA will use net proceeds from the IPO to repay debt. The company operates 53 auction sites and 27 salvage auction sites in the United States and Canada. Before the IPO, ADESA was a wholly owed subsidiary of ALLETE Inc. of Duluth, Minn. ALLETE officials say they expect to complete the separation within four months by distributing the remaining equity interest in ADESA to ALLETE shareholders.
Twitter Facebook Google+


Please note that comments may be moderated. 
Leave this field empty:

Fleet Incentives

Determine the actual cost of owning and running a vehicle in your fleet. Compare vehicles by class and model.


Fleet Faq Fuel Management

Bernie Kanavagh from WEX will answer your questions and challenges

View All


Fleet Tracking And Telematics

Todd Ewing from Fleetmatics will answer your questions and challenges

View All


Fleet Management And Leasing

Merchants Experts will answer your questions and challenges

View All


Sponsored by

Helene Kamon began her industry career in 1970 working for Dealers CadiLease, later purchased by Union Leasing.

Read more

Up Next

More From The World's Largest Fleet Publisher