Bankrate Plans to Raise $320M in IPO

Personal finance web site Bankrate is planning to raise $320 million from its upcoming initial public offering, Reuters reported. The company said it would sell 12.5 million shares at a price of $14-$16 per share. The company filed in April for an IPO of up to $500 million. Bankrate was acquired by Ben Holding S.a.r.l. through a fund affiliated with a private equity firm Apax Partners LP in 2009, Reuters wrote.

(Reuters) – Bankrate Inc, a publisher of personal finance content on the Web, said it expects to raise $320 million from its initial public offering, less than the $500 million issue it had planned initially.

Bankrate said it expects to sell 12.5 million shares for $14-$16 a share. Selling stockholders would sell an additional 7.5 million shares.

In April, Bankrate had filed with the U.S. Securities and Exchange Commission for an IPO of up to $500 million.

North Palm Beach, Florida-based Bankrate runs various personal finance websites, including its flagship Bankrate.com, collecting and publishing rates and other financial data in areas including mortgages, car loans, banking fees and retirement savings.

Bankrate, which was acquired by Ben Holding S.a.r.l. through a fund affiliated with a private equity firm Apax Partners LP in 2009, said it intends to list the common stock on the New York Stock Exchange under the symbol “RATE.”

Goldman Sachs, Bank of America Merrill Lynch, Citigroup and JPMorgan are leading underwriters on the IPO. (Reporting by Jochelle Mendonca; Editing by Saumyadeb Chakrabarty)