Vantiv, Inc. (VNTV: Quote) announced the pricing of initial public offering of 29.412 million shares of its Class A common stock at $17.00 per share.
In an amended regulatory filing with the U.S. Securities and Exchange Commission on March 16, the company had estimated pricing between $16.00 and $18.00 per share.
The Cincinnati, Ohio-based company said that its Class A common stock will trade on the New York Stock Exchange under the ticker symbol "VNTV."
In addition, Vantiv and the selling stockholders have granted the underwriters a 30 day option to purchase up to an additional 4.41 million shares to cover over-allotments, if any.
The company plans to contribute all of the net proceeds to Vantiv Holding. Vantiv Holding intends to use such net proceeds to repay $460.8 million of existing senior secured credit facilities. The company said that it will not receive any proceeds from the sale of shares by the selling stockholders.
In 2011, Vantiv's revenue rose 40% to $1.6 billion. Profit increased to $84.8 million from $54.9 million last year, the company said in its filing.
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by RTT Staff Writer
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