By Olivia Oran
April 11 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
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
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
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.