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ADT IPO prices below expectations
According to reports, Boca Raton, Fla.-based ADT priced its initial public offering (IPO) at $14.
January 25, 2018 By SP&T Staff
The company announced that it would file for an IPO on December 21, 2017, a year after Apollo Global Management purchased it. The South Florida Business Journal reported that the original target range for the IPO was $17 – $19, to raise a total of $2 billion.
According to an article published by Business Insider:
One person familiar with the IPO said investors were sceptical about ADT, which has total debt of $10 billion, being positioned as a service-oriented business with high margins and strong cash flow.
Despite the weak price, Apollo still made a paper profit of around $2.4 billion, according to one person familiar with the deal.
Read the full article here.
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