IronPlanet Inc., which operates an online marketplace for used heavy equipment, plans to raise $92 million through an initial public offering.
The Pleasanton, Calif. company said in a filing with the Securities and Exchange Commission that it will use the proceeds for general corporate purposes.
Over the long run, the company said it is looking to replace the "fragmented network of brokers, dealers and physical auction houses" that make up the used capital equipment market with a more efficient online system, according to the filing made Thursday.
It plans to trade on the Nasdaq under the symbol "IRON."
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