Banking, finance, and taxes
EVO Payments Enters the Market With a Bang
Published:
Last Updated:
EVO Payments Inc. (NASDAQ: EVOP) entered the market with a bang in its IPO debut. Shares actually entered the market at $20.05, well above the original pricing. Although the S&P and Dow Jones industrials are currently down, this initial public offering is a bright spot in the market.
The firm originally priced its 14 million shares at $16 a share, at the high end of the expected price range of $14 to $16 apiece. There is also an overallotment option for an additional 2.1 million shares. At this price, the entire offering is valued up to $257.6 million.
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 company intends to use the net proceeds from the offering to repay its debt, as well as for working capital and general corporate purposes.
Shares of EVO Payments were last seen up 24% at $19.95, with a range of $19.12 to $20.18 on the day thus far. Also over 6.5 million shares have moved as of 11:30 a.m. ET.
24/7 Wall St.Take This Retirement Quiz To Get Matched With A Financial Advisor (Sponsored)
Take the quiz below to get matched with a financial advisor today.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the
advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Take the retirement quiz right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
