HireRight Holdings, which provides tech-enabled background screening and identity verification services, announced terms for its IPO on Wednesday.
The Nashville, TN-based company plans to raise $500 million by offering 22.2 million shares at a price range of $21 to $24. At the midpoint of the proposed range, HireRight Holdings would command a fully diluted market value of $1.8 billion.
HireRight states that it is a leading global provider of technology-driven workforce risk management and compliance solutions. The company provides comprehensive background screening, verification, identification, monitoring, and drug and health screening services for more than 40,000 customers across the globe. Its customers range from large-scale multinational businesses to SMBs, and span a broad range of industries, including transportation, healthcare, and financial services. HireRight offers its services via a unified global software and data platform that integrates into customers' human capital management systems. In 2020, HireRight screened over 20 million job applicants, employees, and contractors for its customers.
HireRight Holdings was founded in 1990 and booked $607 million in revenue for the 12 months ended June 30, 2021. It plans to list on the NYSE under the symbol HRT. Credit Suisse, Goldman Sachs, Barclays, Jefferies, RBC Capital Markets, William Blair, Baird, KeyBanc Capital Markets, Stifel, and Truist Securities are the joint bookrunners on the deal. It is expected to price during the week of October 25, 2021.
