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Madison, Providence-backed CDW boosts IPO target to $738m

14 Jun 2013

computers_lrgPrivate equity-backed technology products seller CDW Corp has filed to raise up to $738m in an IPO, up from $500m in its initial filing three months ago.

The company, which was bought in a $7.4bn take-private by Madison Dearborn and Providence Equity Partners in 2007, sells computer hardware and software from companies including Apple and IBM.

The filing shows CDW would be valued at about $3.87bn if it prices at the top of its expected range of $20 to $23 per share.

Madison hopes to drop its stake from 45.9 per cent to 36.9 per cent through the share issue, while Providence plans to reduce its holding from 40.6 per cent to 32.6 per cent.

The company had earnings of $247m on sales of $10.1bn last year.

CDW initially filed to raise $500m in the IPO in March this year. JP Morgan, Barclays and Goldman Sachs are acting as bookrunners, with other investment banks including Morgan Stanley, Deutsche Bank Securities and Bank of America Merrill Lynch hired as underwriters.

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