Employee relocation company SIRVA sets terms for $185 million IPO


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SIRVA, which provides domestic and international relocation services for employees, announced terms for its IPO on Monday. The Oakbrook Terrace, IL-based company plans to raise $185 million by offering 11.6 million shares at a price range of $15 to $17. At the midpoint of the proposed range, SIRVA would command a fully diluted market value of $637 million.

It had previously traded on the NYSE until its stock was delisted in 2007 for trading below the minimum price level. SIRVA boasts that it serves more than 1,800 corporate customers globally, including 28% of the Fortune 500 and two-thirds of the Dow Jones 30.

SIRVA, which was founded in 1998 and booked $1.5 billion in sales for the 12 months ended March 31, 2014, plans to list on the NASDAQ under the symbol SRVA.  Morgan Stanley, Goldman Sachs and J.P. Morgan are the joint bookrunners on the deal. It is expected to price during the week of July 28, 2014.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: News Headlines , IPOs

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