March 28 Payment processor Mercury Payment
Systems Inc, backed by private equity firm Silver Lake Group
LLC, filed with U.S. regulators on Friday to raise about $100
million in an initial public offering of common stock.
The company told the U.S Securities and Exchange Commission
in a preliminary prospectus that J.P. Morgan, Barclays and
Morgan Stanley were underwriting the IPO.
The filing did not reveal how many shares the company
planned to sell or their expected price.
The company intends to list its common stock on the Nasdaq
under the symbol "MPS." (r.reuters.com/dyq97v)
Reuters reported in November that Silver Lake has hired
banks to lead a public offering of Mercury.
The private equity firm owns about 63 percent of Mercury,
while founders Marc Katz and Jeffrey Katz and director Larry
Stone own the rest.
Durango, Colorado-based Mercury said net proceeds from the
offering would be used to purchase holdings units from the
Founded in 2001, Mercury grew to become one of the five
largest non-bank payment processors in the United States by the
number of transactions. The company targets small and
medium-sized merchants, such as restaurants and stores, with
cheaper credit card payment services.
Mercury's net profit fell about 8 percent to $42.7 million
in 2013 while revenue rose about 17 percent to $237.3 million.
Another payment start-up Square Inc, headed by Twitter Inc's
Jack Dorsey, is also said to be in talks with banks for
a public offering in 2014.
The amount of money a company says it plans to raise in its
first IPO filings is used to calculate registration fees. The
final size of the IPO could be different.
(Reporting by Avik Das in Bangalore; Editing by Don Sebastian)