by Dan Primack
One years after private equity firm KKR doubled down on First Data, the payments giant is almost ready to go public.
First Data Corp., the Atlanta-based payments technology giant owned by private equity firm KKR, this morning unveiled plans for what could be the year’s largest initial public offering.
First Data said it plans to offer 160 million shares at between $18 and $20 per share. In the middle of that range, the company would raise around $3 billion and have an initial market cap north of $16 billion. Its total enterprise value would be around $37 billion, once its $21 billion of debt is included (minus any IPO proceeds used to pay down debt).
So far this year, only two companies have raised at least $1 billion in their IPOs — Tallgrass Energy TEP 3.69% and Columbia Pipeline Partners CPPL 5.73% — but neither even hit $1.5 billion, let alone $3 billion.
First Data reports a $30 million net loss on $5.57 billion in revenue for the first half of 2015, compared to a $142 million net loss on $5.48 billion in revenue for the year-earlier period. The losses are essentially tied to interest payments on the company’s outstanding debt. In the first half of this year, those payments totaled $813 million.
KKR KKR 2.32% originally acquired First Data in 2007 for around $28 billion, and last summer doubled down on its investment — giving it more exposure to the payments company than to any other investment.
First Data plans to trade on the NYSE under ticker symbol FDC, with Citigroup C 0.58% listed as left lead underwriter.
http://fortune.com/2015/10/01/first-data-unveils-plans-for-years-largest-ipo/
FEATURED Cannabix Technologies and Omega Laboratories Inc. Advance Marijuana Breathalyzer Technology - Dr. Bruce Goldberger to Present at Society of Forensic Toxicologists Conference • Sep 24, 2024 8:50 AM
FEATURED Integrated Ventures, Inc Announces Strategic Partnership For GLP-1 (Semaglutide) Procurement Through MedWell USA, LLC. • Sep 24, 2024 8:45 AM
Avant Technologies Accelerates Creation of AI-Powered Platform to Revolutionize Patient Care • AVAI • Sep 24, 2024 8:00 AM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM