Dun & Bradstreet is expecting to raise up to $1.38 billion in an initial public offering that would value the business data and analytics firm at as much as $8.4 billion.

D&B said Wednesday in a regulatory filing that it will offer 65.75 million shares at a price range of between $19 and $21 per share. The higher end of the target range gives the company a valuation of $8.41 billion.

The net proceeds from the IPO will be used to redeem all or part of the $1 billion in preferred stock that D&B issued when an investor group took it private in a $6.9 billion deal in February 2019. Following the completion of the IPO, the group will own about two-thirds of D&B.

According to Reuters, the company is “looking to ride the recent wave of successful new listings after the COVID-19 pandemic crushed the market for new issues.” The Renaissance IPO ETF has run up 32.8% year to date while the S&P 500 has lost 4.7%.

D&B claims to have about 135,000 customers worldwide and that its database contains comprehensive information on more than 360 million businesses.

“We are a market leader in commercial credit decisioning, with many of the top businesses in the world utilizing our solutions to make informed decisions when considering extending business loans and trade credit,” it said in the IPO prospectus.

“We are also a leading provider of data and analytics to businesses looking to analyze supplier relationships and more effectively collect outstanding receivables,” D&B added.

Since D&B went private, its top management has been almost entirely replaced by a new team that, according to the prospectus, “saw significant opportunity to create value by transforming the organization and improving the platform with new business unit leaders, enhanced technology and data, solution innovation and a client-centric go-to-market strategy.”

For the three months ended March 31, D&B’s revenue more than doubled to $395.3 million from a year earlier while its operating loss narrowed to $8.3 million from $203 million.

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