Update 2 p.m.: EVO Payments International began trading on the Nasdaq today, raising a total of $244 million.
The firm announced yesterday the pricing of its IPO of 14 million shares at a price of $16 per share, the high end of its $14 to $16 range. However, shares opened at $20.18, a near 26 percent raise from it’s IPO price, this morning, according to Reuters.
Roughly 13.3 million shares are being offered by the company and 666,667 shares are being offered by a selling stockholder. The IPO is expected to close on Friday, so long as customary closing conditions are followed.
Two of the EVO Payments bell ringers are CEO Jim Kelly and Ray Sidhom, founder.
Original Story: Atlanta payment technology and services provider EVO Payments Inc. will begin trading on the NASDAQ today under the symbol "EVOP."
EVO Payments Inc. announced yesterday the pricing of its initial public offering of 14 million shares of its Class A common stock at a price to the public of $16 per share. Of the 14 million shares, 13,333,333 shares are being offered by EVO and 666,667 shares are being offered by a selling stockholder. EVO granted the underwriters a 30-day option to purchase up to an additional 2.1 million shares of common stock to cover over-allotments. The offering is expected to close on May 25, subject to customary closing conditions.
J.P. Morgan, BofA Merrill Lynch, Citigroup, Deutsche Bank Securities, and SunTrust Robinson Humphrey are acting as the book-running managers for the offering, EVO Payments said in its announcement. Barclays, Cowen and Co., Goldman Sachs & Co. LLC, PKO BP Securities, Regions Securities LLC and William Blair are also acting as book-running managers for the offering.
EVO plans to raise $100 million in the initial public stock offering, according to an April 25 filing with the Securities and Exchange Commission.
EVO joins other Atlanta-based, publicly traded payment companies including Fleetcor Technologies Inc. and Global Payments Inc. Another giant, publicly traded payment processor is Columbus, Ga.-based Total System Services Inc. Atlanta is also home to privately owned payments companies including Worldpay and Elavon. The cluster of payment companies in Atlanta has been named "Transaction Alley."
Founded in 1989, EVO is a global processor of payment transactions servicing approximately 525,000 merchants in North America and Europe and processing more than 900 million transactions in North America and 1.7 billion transactions in Europe annually. The company has an international presence in 10 countries and can provide processing services to clients in 50 markets worldwide, including the Czech Republic, Germany, Ireland, Mexico, Poland, Spain and the United Kingdom. EVO now generates 61 percent of its revenue from international markets, according to the company.
"We believe our global footprint is a significant competitive advantage as we compete for large, multi-national clients," the company says.
EVO is led by CEO James G. Kelly, who has been CEO since the company’s inception. Prior to joining EVO he was a senior executive at Global Payments. Read more here and here.
Madison Hogan contributed to this story.