Paymentus Holdings, an electronic billing platform provider, announced terms for its IPO on Monday.
The Redmond, WA-based company plans to raise $200 million by offering 10 million shares at a price range of $19 to $21. New investors Capital World Investors and Franklin Advisors each intend to purchase up to $30 million worth of shares in the offering, and the company plans to raise an additional $50 million in a concurrent private placement to Accel-KKR. At the midpoint of the proposed range, Paymentus Holdings would command a fully diluted market value of $2.4 billion.
Paymentus provides flexible and secure electronic bill payment solutions through an omni-channel payment infrastructure that allows consumers and businesses to pay bills using their preferred payment type and channel. As of December 31, 2020, the company had approximately more than 1,300 business clients (its billers), and its platform was used by approximately 16 million consumers and businesses in North America to pay bills and engage with these billers.
Paymentus Holdings was founded in 2004 and booked $324 million in sales for the 12 months ended March 31, 2021. It plans to list on the NYSE under the symbol PAY. Goldman Sachs, J.P. Morgan, BofA Securities, Citi, Baird, Nomura Securities, Raymond James and Wells Fargo Securities are the joint bookrunners on the deal. It is expected to price during the week of May 24, 2021.
