Safety-Kleen, which shelved an initial public offering in October 2008 at the height of the financial crisis, filed on Tuesday to go public.
The company, which is a re-refiner of used oil and a provider of parts-cleaning services, said in its filing that it planned to raise $400 million in the offering, although that it is a figure used to calculate the registration fee.
Founded in 1963, Safety-Kleen was a publicly traded company when it was acquired in 1998 by Laidlaw of Canada, which merged its landfill and waste incinerator business into it. Amid questions about its accounting practices, the Safety-Kleen unit filed for bankruptcy protection in 2000. As a result of Safety-Kleen's emergence from bankruptcy in 2003, JPMorgan Chase became a major shareholder. The bank intends to reduce its holding in the offering, the filing says.
The other major owners of the company are Highland Capital Management, Contrarian Capital Mangement and GSC Acquisition Hold ings.
Safety-Kleen, based in Plano, Tex., said it had revenue of $1.3 billion and net income of $135.5 million last year. It is seeking to list its shares on the New York Stock Exchange under the ticker “SK.â€
Credit Suisse and Morgan Stanley are the lead underwriters for the I.P.O.
