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Shift4 Payments prices IPO
Posted on Friday, 05 June 2020 10:55
Shift4 Payments, a leading independent provider of integrated payment processing and technology services, priced its previously announced initial public offering to raise up to USD 396.75 million.
The company is issuing 15.00 million shares of class A common stock at a price of USD 23.00 apiece.
In addition, the bookrunners will also be granted a 30-day overallotment option to purchase up to a further 2.25 million scrips at the listing price, less the underwriting discounts and commissions.
Shift4 Payments has appointed Citigroup, Credit Suisse and Goldman Sachs to run the stock market flotation, while BofA Securities, Morgan Stanley, RBC Capital Markets and Evercore ISI are acting as joint passive bookrunners.
The company is expected to begin trading on the New York Stock Exchange under the ticker symbol FOUR later today, with the offering to complete by 9th June 2020, subject to customary conditions.
Concurrent to the IPO, Shift4 Payments and chief executive Jared Issacman have agreed to purchase USD 100.00 million class C common stocks at the price of USD 23.00 apiece in a private placement slated to take place on 9th June 2020.
The group delivers a complete ecosystem of services that extend beyond payments to include a wide range of value-added capabilities.
Its technologies help power over 350 software providers in a range of industries, including hospitality, retail, e-commerce, lodging and gaming.
Shift4 Payments has over 7,000 sales partners, the company securely processed more than 3.50 billion transactions annually for over 200,000 business last year.
During the three months ended 31st March 2020, the group posted revenue of USD 199.40 million, a 22.3 per cent increase from USD 155.00 million in the corresponding period of 2019.
Net loss during this timeframe totalled USD 5.20 million, which was narrowed significantly from a loss of USD 13.50 million in Q1 2019.
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