Progress Rail Services Inc. registered an initial public offering Friday to sell up to $345 million in common stock, according to a filing with the Securities and Exchange Commission.

Details about the number of shares to be offered or an estimated price range weren't disclosed in the filing.

Progress Rail Services, based in Albertville, Ala., provides maintenance and repair services and products to the railroad industry in North America.

The company said it will use the proceeds of this offering to redeem all of its series A preferred stock and to redeem up to $70 million of notes. The preferred stock is held primarily by One Equity Partners, an affiliate of J.P. Morgan Securities, according to the filing.

The company said it intends to apply for the listing of its common stock on the New York Stock Exchange. It didn't provide a proposed trading symbol in the filing.

The $345 million valuation for the IPO was estimated solely for calculating the registration fee, the filing said. Often, the eventual price terms of an IPO differ substantially from the valuation in the first registration.