CPI Card Group, the largest US provider of plastic credit and debit cards, announced terms for its IPO on Tuesday.
The Littleton, CO-based company plans to raise $300 million by offering 17.6 million shares (49% insider) at a price range of $16 to $18. At the midpoint of the proposed range, CPI Card Group would command a fully diluted market value of $867 million.
CPI Card Group, which was founded in 1983 and booked $338 million in sales for the 12 months ended June 30, 2015, plans to list on the Nasdaq under the symbol PMTS. BMO Capital Markets, Goldman Sachs and CIBC are the joint bookrunners on the deal. It is expected to price during the week of October 5, 2015.
