March 28 Apollo Global Management LLC -backed payment processor Evertec Inc said it expects its initial public offering to raise up to $484.2 million.
The Puerto Rico-based company said it plans to sell its 21.1 million shares at between $18 and $20 each. (link.reuters.com/zeh96t)
Evertec had filed in February with U.S. Securities and Exchange Commission for an IPO of up to $100 million.
Apollo, however, was reportedly exploring a sale of the company even after filing for the IPO, people familiar with the matter told Reuters later that month.
The private equity firm, which had acquired Evertec from Puerto Rican lender Popular Inc in September 2010, owns a 51 percent stake in the company. Popular retains 49 percent and is Evertec's largest customer.
Following the offering, Apollo will own about 37 percent of the company, while Popular will own 35.5 percent.
Evertec, which will list on the New York Stock Exchange under the symbol "EVTC," plans to use the net cash proceeds to repay about $91 million in debt.
The company 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 & Co and JPMorgan Securities LLC are acting as the lead underwriters of the offering. (Reporting by Ashutosh Pandey in Bangalore; Editing by Joyjeet Das)