Shift4 Payments, which provides secure payment processing solutions, announced terms for its IPO on Monday. The company plans to raise an additional $100 million through a private placement to Rook Holdings, an affiliate of its founder.
The Allentown, PA-based company plans to raise $300 million by offering 15 million shares at a price range of $19 to $21. At the midpoint of the proposed range, Shift4 Payments would command a market value of $1.6 billion.
Shift4 Payments' main business is its payments platform, which provides a suite of integrated multichannel payment products and services. The company serves merchants ranging from SMBs to large enterprises including KFC, Hilton, Kohler, and The Metropolitan Museum of Art, according to its website.
Shift4 Payments was founded in 1999 and booked $776 million in revenue for the 12 months ended March 31, 2020. It plans to list on the NYSE under the symbol FOUR. Citi, Credit Suisse, Goldman Sachs, BofA Securities, Morgan Stanley, RBC Capital Markets and Evercore ISI are the joint bookrunners on the deal. It is expected to price during the week of June 1, 2020.
