June 30, 2020 / 10:30 PM / 13 days ago

Dun & Bradstreet raises $1.7 billion in upsized IPO

NEW YORK (Reuters) - U.S. business analytics firm Dun & Bradstreet Holdings Inc DNB.N on Tuesday raised $1.7 billion in its initial public offering (IPO) after it sold more stock than expected above its indicated price range.

The offering makes Dun & Bradstreet the latest company to capitalize on the sharp recovery in U.S. investor appetite for new stocks following the coronavirus outbreak. Music publisher Warner Music Group Corp WMG.O, marketing company ZoomInfo Technologies Inc ZI.O and used car sales app Vroom Inc VRM.O are among the companies that launched well received IPOs in the last few weeks.

Dun & Bradstreet priced 78.3 million shares at $22 per share. It was previously seeking to sell 65.75 million shares for between $19 and $21 per share.

The underwriters have access to up to an additional 11.7 million shares.

Dun & Bradstreet provides data and analytics services to about 135,000 businesses, including some of the largest companies in the world, according to its IPO registration statement.

The stock market debut of the Short Hills, New Jersey-based company comes less than 18 months after an investor group that included Cannae Holdings, Black Knight and CC Capital, took the company private for $6.9 billion, including debt.

The IPO values Dun & Bradstreet at close to $9 billion, excluding its total debt of more than $9.1 billion. Cannae, Black Knight and CC Capital agreed to invest a total $400 million in the company as part of the offering.

Dun & Bradstreet said in its IPO prospectus it would use the proceeds to redeem $1.27 billion of preferred stock, as well as pay out $342 million of outstanding bonds.

The company intends to list its shares on the New York Stock Exchange under the symbol “DNB” on Wednesday.

Goldman Sachs, Bank of America, JP Morgan and Barclays were the lead underwriters on Dun & Bradstreet’s IPO.

Reporting by Echo Wang in New York; Additional reporting by Shanti S Nair in Bengaluru; Editing by Chris Reese and Aurora Ellis

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