Apollo’s Evertec rallies after IPO


stock market_lrgPrivate equity-backed payment processor Evertec has had a successful debut on the New York Stock Exchange (NYSE), seeing its shares surge 10 per cent.

Yesterday the company, which is owned by buyout firm Apollo Global Management, said it was pricing its IPO at the upper range of its $18 to $20 per share range.

Apollo’s stake in the company has declined to 33.6 per cent from 51 per cent as a result of the float.

The Puerto Rican company, which is the largest merchant acquirer in the Caribbean and Central America, posted a net income of $84.4m on revenues of $341.

Apollo acquired a 51 per cent stake from Popular in September 2010, with the new joint venture being valued at about $868m.

An earlier report said Apollo could get as much as $140m, which would give it a return of five times on its investment, if Evertec floated at $19 per share.

AltAssets has previously reported that Apollo was looking to explore a potential sale for Evertec to maximise returns alongside its public listing.

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