Performant Financial prices downsized IPO at $9, well below its anticipated range

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Performant Financial, which recovers delinquent and defaulted loans for the Department of Education and Medicare, raised $81 million by offering 9 million shares at $9 apiece, 31% below the midpoint of its $12-$14 price range. The company had originally planned to raise $150 million by selling 11.54 million shares, of which 9.6 million were to be sold by insiders. At the $9 offer price and assuming the reduction in shares was all insider, the company is valued at $449 million.

Performant Financial will open for trading on the NASDAQ on Friday under the symbol PFMT. Morgan Stanley, Goldman Sachs, Credit Suisse and Wells Fargo acted as joint bookrunners on the deal.

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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