March 24 ServiceMaster Global Holdings Inc,
which owns Terminix pest control, filed with U.S. regulators on
Monday to raise about $100 million in an initial public offering
of common stock.
The company, controlled by private equity firm Clayton,
Dubilier & Rice, provides residential and commercial services
including lawn care, termite and pest control and home
Clayton, Dubilier & Rice, which holds about 66 percent stake
in ServiceMaster, took the company private in a $4.7 billion
deal, excluding debt, in July 2007.
ServiceMaster's businesses include American Home Shield
warranties and the Merry Maids cleaning service, as well as
drain cleaning and furniture repair operations.
The Memphis, Tennessee-based company told the U.S Securities
and Exchange Commission in a preliminary prospectus that
JPMorgan, Credit Suisse, Goldman Sachs and Morgan Stanley were
underwriting the IPO. (r.reuters.com/xaj87v)
The company said it intends to list its common stock under
the symbol "SERV" but did not specify the exchange.
The filing did not reveal how many shares the company
planned to sell or their expected price.
ServiceMaster, founded in 1929, competes with ABM Industries
Inc's facility services, and Rollins Inc's Orkin pest-control
business, among others.
Net proceeds from the offering would be used to redeem its
notes, the company said in a regulatory filing.
The company's net loss from continuing operations narrowed
to $505.67 million for 2013 from $713.74 million a year earlier.
Revenue fell less than 1 percent to $3.19 billion.
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)