News
Cardtronics IPO Could Raise $114M
Cardtronics, a U.S-based independent ATM operator, says it plans to sell 16.7 million shares in an initial public offering (IPO). Based on a price per share of US$15, Cardtronics expects to raise around US$114.8 million net of expenses from the IPO.
In a regulatory filing with the U.S. Securities and Exchange Commission, Cardtronics estimates that the price range for its stock will be between US$14 and US$16 per share. Deutsche Bank Securities, William Blair & Co, and Banc of America Securities are acting as underwriters for the IPO, the date of which has yet to be specified.
Cardtronics will use the funds raised in the IPO to reduce its corporate debt and to pay for future acquisitions. It plans to list on Nasdaq under the symbol "CATM."
Cardtronics operates nearly 31,000 ATMs in the UK, U.S. and Mexico, describing itself as the “world’s largest ATM network operator.” In July 2007, it acquired convenience store chain 7-Eleven’s U.S.-based ATM business for US$135 million.