EVERTEC, Inc. (EVTC), a full-service transaction processing business in Latin America and the Caribbean, announced the pricing of its initial public offering of 25.26 million shares of common stock at $20.00 per share, at the high end of its estimated $18.00 to $20.00 per share range. The shares are expected to begin trading on the New York Stock Exchange on April 12, 2013 under the symbol "EVTC"
Of the total shares to be offered, a total of 6.25 million shares are being offered by the company, and a total of 19.01 million shares are being offered by selling stockholders, of which 10.21 million shares are being sold by an affiliate of Apollo Global Management, LLC (APO) and 8.80 million shares are being sold by Popular, Inc. (BPOP).
After giving effect to the issuance and sale of shares in the initial public offering, Apollo and Popular will own 33.6 percent and 33.5 percent, respectively, of the shares of EVERTEC's outstanding common stock.
The Puerto Rico-based company expects to receive proceeds from the sale of the 6.25 million shares, net of underwriters' discounts and commissions and other estimated expenses, of approximately $117.4 million and intends to use a substantial portion of the net proceeds to repay existing indebtedness.
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