CPI Card Group, the largest US provider of plastic credit and debit cards, again lowered the proposed deal size for its upcoming IPO on Thursday. The Littleton, CO-based company now plans to raise $150 million by offering 15 million shares (all primary) at a price of $10. The company had originally planned to sell 17.6 million shares (49% from insiders) at $16-$18, before cutting the deal size on Wednesday to 16 million shares (24% from insiders) at $12-$13. At the new terms, the expected primary proceeds remain roughly unchanged at $150 million while the insider component has been removed entirely. The total deal size is now half of what was originally intended.
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.
