FleetCor Technologies IPO Debuts in Soft Pricing (FLT)

FleetCor Technologies Inc. (NYSE: FLT) is coming public.  The company sold some 12.675 million shares at $23.00 per share, at the bottom of a $23.00 to $26.00 per share range.  This is another under-indication IPO as the company originally had plans to sell up to $500 million in common shares and we last saw the filing was for 12.675 million shares.

FleetCor creates specialized payment systems geared toward commercial fleets, major oil outfits, and marketers of petroleum.  Its underwriting group includes J.P. Morgan, Goldman Sachs, Barclays Capital, and Morgan Stanley.

The company’s shareholders are offering about 12.2 million shares of the offering and the rest is being used to repay loan or credit balances.

Private equity firms Summit Partners and Bain Capital are the two largest holders and they are offering the largest amount of shares.  If all is as planned, Summit will hold 30% and Bain will hold 15% stakes after the IPO.

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JON C. OGG