Performant Financial, which aids private companies and government agencies recover delinquent and default loans, announced terms for its IPO on Monday. The Livermore, CA-based company plans to raise $150 million by offering 11.5 million shares (83% insider) at a price range of $12.00 to $14.00. At the midpoint of the proposed range, Performant Financial would command a fully diluted market value of $656 million.
Performant Financial, which was founded in 1976 and booked $174 million in sales for the 12 months ended 3/31/2012, plans to list on the NASDAQ under the symbol PFMT. Morgan Stanley, Goldman Sachs, Credit Suisse and Wells Fargo Securities are the joint bookrunners on the deal.
