Banking, finance, and taxes
EVO Payments Closes in on IPO
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EVO Payments has filed an amended S-1 form with the U.S. Securities and Exchange Commission (SEC) for its initial public offering (IPO). The firm expects to price its 14 million shares in the range of $14 to $16 per share, with an overallotment option for an additional 2.1 million shares. At the maximum price, the entire offering is valued up to $257.6 million. The company intends to list its stock on the Nasdaq under the symbol EVOP.
The underwriters for the offering are JPMorgan, Merrill Lynch, Deutsche Bank, SunTrust Robinson Humphrey, Barclays, Cowen, Goldman Sachs, PKO BP Securities, Regions Securities and William Blair.
This is a global merchant acquirer and payment processor servicing roughly 525,000 merchants in North America and Europe and processing more than 900 million transactions in North America and 1.7 billion transactions in Europe annually.
EVO operates at the center of global electronic commerce with local operations in 10 countries, with the ability to serve 50 markets around the world through its three proprietary, in-market processing platforms that are connected by a single point of integration.
The firm differentiates itself from competitors by a few means:
- A highly productive and scaled sales distribution network, including exclusive global financial institution referral partnerships
- Its three proprietary, in-market processing platforms
- A comprehensive suite of payment and commerce solutions
EVO detailed its financial data in the filing as follows:
For the year ended December 31, 2017, our revenue increased to $504.8 million. Also for the year ended December 31, 2017, we reported net loss attributable to the members of EVO Investco, LLC of $40.2 million and adjusted EBITDA attributable to EVO increased to $128.1 million.
The company intends to use the net proceeds from the offering to repay its debt, as well as for working capital and general corporate purposes.
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