Of that amount, the company will sell 2 million shares, while 280,000 shares will be sold by certain shareholders named in the prospectus, The Andersons said late Thursday.
The underwriters will have the option to purchase up to an additional 342,000 shares of common stock from the company to cover overallotments, if any. The Andersons will not receive any proceeds from the sale of the shares by the selling shareholders.
The company intends to use net proceeds from the offering for investments in the ethanol industry, including in additional plants, as well as investments in additional railcar assets and for general corporate purposes.
Shares of The Andersons were recently off 2.1% in after-hours exchanges to $40.65.