CPI Card Group Inc. (NASDAQ: PMTS) debuted on the market in its initial public offering (IPO) on Thursday. The company priced its shares at $10, less than its newly lowered expected price range of $12 to $13. The offering is for a total of 15 million shares. There is also an overallotment option of 2.25 million shares. At this price the entire offering is valued up to $172.5 million.

The underwriters for the offering are BMO Capital Markets, Goldman Sachs, CIBC, Baird, William Blair, Raymond James, Scotia Bank and GMP Securities.

This company is a leading provider of comprehensive financial payment card solutions in North America. Essentially CPI deals with credit, debit and prepaid debit cards issued on the networks of the payment card brands (Visa, MasterCard, American Express and Discover) and Interac (in Canada).

In 2014, CPI produced over 360 million financial payment cards, provided integrated card services to over 3,200 card-issuing banks and prepaid debit card issuers and personalized more than 130 million financial payment cards.

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The primary customers are leading national and regional banks, independent community banks, credit unions, managers of prepaid debit programs, group service providers and card processors. CPI serves a diverse set of over 4,000 direct and indirect customers, including many of the largest North American issuers of debit and credit cards, such as JPMorgan Chase, Bank of America, American Express and Wells Fargo; the largest global managers of prepaid debit card programs, including InComm, Green Dot, Blackhawk Network and American Express; and thousands of independent community banks, credit unions, group service providers and card processors.

In the filing the company detailed its finances as follows:

For the LTM [last twelve months] Period, we generated net sales of $338.1 million, net income from continuing operations of $30.5 million and Adjusted EBITDA of $81.5 million, representing net income from continuing operations and Adjusted EBITDA margins of 9.0% and 24.1%, respectively. For the year ended December 31, 2014, we generated $261.0 million of net sales, which represented an increase of 32.9% as compared to the prior year, $16.0 million of net income from continuing operations, which represented an increase of 42.6% as compared to the prior year, and $54.2 million of Adjusted EBITDA, which represented an increase of 41.3% as compared to the prior year, and net income from continuing operations and Adjusted EBITDA margins of 6.1% and 20.8%, respectively.

The company intends to use the net proceeds from the offering to repay its indebtedness and for general corporate purposes.

Shares of CPI were up more than 25% at $12.60 on Friday afternoon. So far on the day, the range is $11.00 to $13.05 as of 12:45 p.m. Eastern. At the same time, 5.4 million shares had moved on the day.

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