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Safeway's Blackhawk Network sets terms for $210 million IPO

By: Renaissance Capital
Posted: 4/8/2013 10:47:00 AM
Referenced Stocks: HAWK

Blackhawk Network Holdings, a Safeway spin-off that provides prepaid products for consumers and businesses, announced terms for its IPO in a press release on Monday. The Pleasanton, CA-based company plans to raise $210 million by offering 10 million shares at a price range of $20 to $22. At the midpoint of the proposed range, Blackhawk Network Holdings would command a fully diluted market value of $1.1 billion.

Blackhawk Network Holdings, which was founded in 2001 and booked $959 million in sales for the 12 months ended 12/31/2012, plans to list on the NASDAQ under the symbol HAWK. Blackhawk Network Holdings initially filed confidentially on 11/16/2012. Goldman Sachs, BofA Merrill Lynch, Citi and Deutsche Bank are the joint bookrunners on the deal.