Shares of technology distributing firm CDW Corp. (NASDAQ: CDW) are up more than 8% at noon today following the stock’s initial public offering (IPO) at $17 a share. That price was at the low end of an expected range of $17 to $20 that had been cut from an anticipated range of $20 to $23 a share.
CDW was founded in 1984 and was taken private in 2007 by private equity firms Madison Dearborn and Providence Equity at a price of $7.3 billion. Today’s IPO had targeted proceeds of around $740 million, but the total came in at just shy of $400 million.
The company claims more than 250,000 business, government, education, and healthcare customers for more than 100,000 different technology products. Reported revenue for the quarter ending in March totaled $2.41 billion and profit came in at $28.3 million. In 2012, revenue totaled $10.1 billion and profit totaled $119 million.
Lead underwriters for the offering were J.P. Morgan, Goldman Sachs, and Barclays.
CDW’s shares are trading now at $18.52, up nearly 9% from the IPO price.