Shift4Payments prices IPO above range at $23 a share

https://www.mobilepaymentstoday.com/news/shift4payments-prices-ipo-above-range-at-23-a-share/
http://nmgprod.s3.amazonaws.com/media/files/f4/d3/f4d3fe51ec53eb78a4e0a3ef0fa159fc/cover_image_1591364546.jpg.640x360_q85_crop.jpg?#

Shift4Payments prices IPO above range at $23 a share

Shift4Payments Inc. announced the pricing of an initial public offering of 15 million shares of Class A common stock at $23 a share, which was above the expected range of $19 to $21, to raise a total of $345 million.

The underwriters also have a 30-day option to buy another 2.25 million shares of Class A common stock at the IPO price, less the underwriting discounts.

The company, an S-1 filing with the Securities and Exchange Commission, said it expected to price the shares at $19 to $21 a share.

Shares of the company will begin trading on the New York Stock Exchange under the symbol “FOUR.” 

Jared Isaacman, founder and CEO of Shift4Payments has agreed to buy $100 million shares of Class C common stock in a private placement. 

The Allentown, Pennsylvania-based company said that it processes more than $200 billion in annual payment volume and has 3.5 billion in annual transactions, according to the filing. 

The company generated a net loss of $58.1 million in 2019, compared with a net loss of $49.9 million the prior year. The firm reported revenue of $731.4 million in 2019, compared with revenue of $560.6 million in 2018.

In April, the company launched a product called SkyTab Takeout, an online ordering technology that offers a turnkey setup process for restaurants. The technology allows restaurants to set up a branded online ordering system in less than an hour.

Shift4Payments launched a service in 2019 called Tableside, which allowed restaurants and other merchants to accept mobile orders and payments at the table. 

As of March, the company served 66,000 merchants who subscribed to its end-to-end payments business, representing $6 billion in volume. 

Citigroup, Credit Suisse and Goldman Sachs & Co. served as joint active bookrunners. 


Topics: Regulatory Issues, Financial News, Mobile Payments, POS, Retail, Restaurants


Sponsored Links:


Latest Content

https://www.mobilepaymentstoday.com/news/shift4payments-prices-ipo-above-range-at-23-a-share/