Bankrate announces terms of up to $320m IPO
Private equity-owned Bankrate (NYSE:RATE), the operator of the personal finance website, announced Monday the terms of its proposed IPO, as part of its efforts to pay down debt.
The offering will include at least 20 million shares at a price in the range of $14 to $16 each, according to an US SEC filing, to be listed on the New York Stock Exchange under the symbol "RATE".
At the high end of the pricing range, the listing would be valued at $320 million. The company hopes to sell 12.5 million shares, while shareholders, including buyout giant Apax Partners, plan to offer up 7.5 million shares.
In April, Bankrate, which provides personal finance information on mortgages, insurances, credit cards, and more, filed plans to list in an offering of up to $500 million.
For the three months ending March 31, the company swung to an operating profit, but posted a loss due to preferred dividend impacts. Revenue, however, nearly tripled during the period, as more and more consumers go online to dig up personal finance information.
The previously public company was acquired by Apax in 2009 in a $571 million deal, and has since been bulking up the business through many acquisitions, including CreditCards.com.
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