Allison Transmission Files for IPO

PE-backed Allison Transmission has filed for an IPO of up to $750 million. BofA Merrill Lynch, Citi and JP Morgan are leading the underwriting. Allison manufactures automatic transmissions and hybrid-propulsion systems for commercial vehicles and plans to use the net proceeds from the offering to repay indebtedness and for general corporate purposes. The company is currently backed by The Carlyle Group and Onex, each of which owns a 49.8% ownership interest in the company.