Presidio, which provides IT infrastructure services to middle-market businesses, filed on Tuesday with the SEC to raise up to $100 million in an initial public offering. However, the disclosed deal size is likely a placeholder for an IPO that we estimate could raise $400 million. Presidio was bought by Apollo Global Management (NYSE: APO) in late 2014.
The New York, NY-based company was founded in 2003 and booked $2.8 billion in sales for the 12 months ended September 30, 2016. It did not disclose a proposed exchange or a ticker symbol. J.P. Morgan, Citi, Barclays and RBC Capital Markets are the joint bookrunners on the deal. No pricing terms were disclosed.
