Evertec shares appreciated by as much as 10% at market debut. This values the payment processor at US$1.75 billion after projecting its IPO windfall at the top of its price range.
The Puerto Rico based firm had valued US$20 per share of the 25.3 million shares available. This translates to US$505 million in total value, at the peak of the initial projection of US$18 and US$20 price range. Initially, the company had only wanted to sell just 21.1 million shares.
Evertec is the latest in the line of companies that Apollo Global Management LLC has taken public. The private equity firm bought the firm from Puerto Rican lending firm Popular back in September of 2010. Apollo holds a 51% share in the company while Popular retains the remaining 49%.
Should the IPO push through, Apollo's shareholdings woul declien to 37% while Popular would own 35.5%.
The company processes 1.8 billion transactions annually and manages the payment network of over 4.100 ATMs and 104,000 POS payment terminals.
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