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Madison Dearborn-backed CDW sets terms for $600 million IPO

Posted
6/14/2013 8:43:00 AM
By: Renaissance Capital
Referenced Stocks:CDW

CDW, a Fortune 500 technology products retailer, announced terms for its IPO on Friday. The Vernon Hills, IL-based company plans to raise $600 million by offering 27.9 million shares (17% insider) at a price range of $20 to $23. At the midpoint of the proposed range, CDW would command a fully diluted market value of $3.6 billion. The company initially filed for its IPO with a proposed deal size of $500 million in March 2013.

CDW, which was founded in 1984 and booked $10.2 billion in sales for the 12 months ended March 31, 2013, plans to list on the NASDAQ under the symbol CDW. J.P. Morgan, Barclays, Goldman Sachs are lead joint bookrunners on the deal. Deutsche Bank Securities and Morgan Stanley are also serving as bookrunners.