EVO Payments International, a payment solutions provider based in Atlanta, began trading on the Nasdaq today, raising a total of $244 million.
The firm announced yesterday the pricing of its IPO of 14 million shares at a price of $16 per share, the high end of its $14 to $16 range. However, shares opened at $20.18, a near 26% raise from it's IPO price, this morning, according to Reuters.
Roughly 13.3 million shares are being offered by the company and 666,667 shares are being offered by a selling stockholder. The IPO is expected to close on Friday, so long as customary closing conditions are followed.
Less than two weeks ago, the firm more than doubled the target for its forthcoming IPO, which could raise the company's market value to more than a billion dollars.
The firm initially filed with the SEC plans to raise $100 million in late April, but revised plans to raise $210 million in an IPO of 14 million shares priced between $14 to $16, according to a news release.
Analysts found that if the company were to sell all 14 million share between this range, EVO Payments would be worth more than $1.2 billion.
EVO Payments joins the Nasdaq under the symbol “EVOP” and has listed a revenue of $504.8 million. The company is backed by BlueApple and Madison Dearborn Partners, with J.P. Morgan, BofA, Citigroup, Deutsche Bank and SunTrust Robinson Humphrey as the underwriters. Underwriters have a 30-day option to buy up to 2.1 million additional shares of EVO Payments common stock as an over-allotment.
