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A U.S. payments-infrastructure software provider priced its initial public offering above the top of its marketed range on Wednesday, the latest sign that the domestic listings market is reopening after a prolonged slowdown.
The deal was priced at the upper end of an already-raised range, giving the company a fully diluted valuation above its most recent private funding round.
Deal Terms
The offering was led by a syndicate of bulge-bracket underwriters and was reported to be several times oversubscribed at the final price. Shares are expected to begin trading on a major U.S. exchange this week.
Broader Context
Bankers surveyed by Global Securities News said the pricing outcome is likely to encourage a handful of other late-stage private companies that have been waiting on the sidelines for a stronger listings window.
