TransFirst Holdings, which provides electronic payment processing to small and medium-sized businesses, refiled on Friday with the SEC to raise up to $100 million in an initial public offering. However, the deal size is likely a placeholder for an IPO that we estimate could raise $200 million.
The merchant acquirer originally filed for an IPO in July 2014, but withdrew after Vista Equity Partners agreed to acquire the company from Welsh, Carson, Anderson & Stowe for $1.5 billion in October 2014.
Market leader First Data (FDC) raised $2.6 billion this past week in the year's largest IPO. The KKR-backed merchant acquirer priced below its range and ended the week at the offer price. Payments processor Square (SQ) filed earlier this week for an IPO that is expected to come later this year.
The Hauppauge, NY-based company, which was founded in 2007 and booked $1.4 billion in sales for the 12 months ended June 30, 2015, plans to list on the Nasdaq under the symbol TF. Goldman Sachs, J.P. Morgan, Credit Suisse, Barclays, Citi, Jefferies and RBC Capital Markets are the joint bookrunners on the deal. No pricing terms were disclosed.
