WASHINGTON (dpa-AFX) - Shares of i3 Verticals gained 36% percent Thursday on its debut, after the payment processing software company priced its IPO at $13 per share.
The company's initial public offering raised $86 million. The Nashville, Tennessee-based company sold 6.65 million shares at $13 per share.
Earlier, the Nashville, Tennessee-based company announced its plans to sell 6.65 million shares at $11 to $13 per share, the midpoint of which will give the company a market cap of $307 million.
The company had $293 million in trailing twelve-month revenues at an 18% growth rate, though the majority of those revenues were consumed by standard interchange fees.
i3 Verticals focuses primarily on small customers in the education, non-profit, and public sector verticals, though it has a growing B2B arm.
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