CPI Card Group, the largest US provider of plastic credit and debit cards, lowered the proposed deal size for its upcoming IPO on Wednesday.
The Littleton, CO-based company now plans to raise $200 million by offering 16 million shares (24% insider) at a price range of $12 to $13. The company is selling 12.2 million shares, 36% more than the original offering, but insider selling has been reduced by 56% to 3.8 million shares.
The company had previously filed to offer 18 million shares at a range of $16 to $18. At the midpoint of the revised range, CPI Card Group will raise -33% fewer proceeds than previously anticipated.
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.
