By Olivia Oran
April 11 (Reuters) - Payment processor Evertec raised $505 million in an upsized initial public offering on Thursday as owner, private equity firm Apollo Global Management LLC, continues to aggressively sell or take public its portfolio companies.
Puerto Rico-based Evertec priced 25.3 million shares at $20, according to an underwriter. Shares of the company were expected to price in a range of $18 to $20. Evertec had intended to price 21.1 million shares.
Apollo, which acquired Evertec from Puerto Rican lender Popular in September 2010, held a 51 percent stake in the company prior to the IPO with Popular holding the remaining 49 percent.
After the deal, Apollo will hold around 37 percent of Evertec and Popular will own 35.5 percent.
Evertec is just the latest in a string of companies that Apollo has tried to take public in the last year. These include industrial parts maker Rexnord Corp, real estate services company Realogy Holdings Corp, cruise line operator Norwegian Cruise Line Holdings Ltd and plastic-packaging manufacturer Berry Plastics Group Inc .
The firm is also set to float chemical maker Taminco Global Chemical Corp next week and is pursuing an IPO for aluminum products maker Constellium, sources previously told Reuters.
Earlier this month, Apollo pulled an IPO for supply chain management company Ceva Investments Ltd.
Evertec processes over 1.8 billion transactions annually and manages the electronic payment network for over 4,100 automated teller machines and over 104,000 point-of-sale payment terminals.
It reported an adjusted net income of $84.4 million on revenue of $341.7 million in 2012.
Goldman Sachs Group Inc and JPMorgan Chase & Co led the offering.
Evertec will list its shares on the New York Stock Exchange under the symbol EVTC.