Performant Financial Corp (PFMT: Quote), a debt-collection business backed by Parthenon Capital Partners, announced the pricing of initial public offering of 9 million shares of common stock at $9.00 per share, below its expected price range.
Earlier today, the company said in a regulatory filing that it was planned to sell 11.54 million shares at between $12 and $14 per share.
Performant Financial is offering 1.924 million shares and the selling stockholders are offering 7.076 million shares. The company said in the filing that it will not receive any of the proceeds from the sale of common stock by the selling stockholders.
The Livermore, California based company shares are expected to begin trading on the Nasdaq Global Select Market on August 10, 2012 under symbol "PFMT."
In addition, the selling stockholders have granted underwriters a 30-day option to purchase up to 1.350 million additional shares of common stock at the initial public offering price.
Morgan Stanley & Co. LLC and Goldman, Sachs & Co. are acting as lead joint book-running managers. Credit Suisse Securities (USA) LLC and Wells Fargo Securities, LLC are also acting as joint book-running managers. William Blair & Company, L.L.C. and SunTrust Robinson Humphrey, Inc. are acting as co-managers.
 | | To receive FREE breaking news email alerts for Performant Financial Corporation and others in your portfolio |
|
by RTT Staff Writer
For comments and feedback: editorial@rttnews.com
Business News