(Bloomberg) -- Proficient Auto Logistics Inc. raised $215 million in an initial public offering, pricing its shares at the midpoint of a marketed range.

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The company, which transports finished vehicles from manufacturers and shipping ports to auto dealerships, sold about 14.3 million shares Wednesday for $15 each after marketing them for $14 to $16, according to a statement.

At the IPO price, Proficient Auto would have a market value of $362 million based on the outstanding shares listed in its filings with the US Securities and Exchange Commission.

Formed in June out of the combination of five firms with track records in the industry stretching back three decades, Proficient Auto has no operating history of its own, the filings show. The founding companies are set to operate independently with centralized administrative functions in Jacksonville, Florida.

The firm’s top five customers made up 60% of its combined operating revenue in 2023, led by General Motors Co. which accounted for 26%, as well as Stellantis NV, BMW, Mercedes Benz Group AG and Toyota Motor Corp., the filings show.

Proficient Auto Transport, the company’s accounting predecessor, had net income of $7.2 million on revenue of about $136 million in 2023, compared with net income of $10.4 million on revenue of $130 million a year earlier, according to the filing.

Proficient Auto’s investors include President Ross Berner and Secretary Mark McKinney, who each hold 43.8% of the shares prior to the offering, and Chief Executive Officer nominee Richard O’Dell, who has a 3.3% stake, the filings show.

O’Dell indicated an interest in buying about $3 million shares in the offering, according to the filings. After the IPO, O’Dell will control 2.9% of the shares if he purchases the full amount at the midpoint of the price range, the filings show.

The offering is being led by Stifel Financial Corp., Raymond James Financial Inc. and William Blair & Co. The company’s shares are set to begin trading Thursday on the Nasdaq Global Market under the symbol PAL.

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