Target: Regional Management Corp.
Price: $76 million
Market Cap: $218 million
Sponsor: Palladium Equity Partners
Underwriters: Jefferies & Co. and Stephens Inc.
Consumer finance company Regional Management Corp. said it intends to sell 4.2 million shares in its initial public offering of common stock at between $17 and $19 apiece. At the midpoint of that range, the company would raise $76 million and have a market valuation of about $218 million.
The company, which is backed by private equity firm Palladium Equity Partners, will be offering 2.8 million shares in the offering, with selling stockholders offering the rest.
The Greenville, S.C.-based company filed last May with the U.S. Securities and Exchange Commission to raise up to $100 million from its IPO.
The company, which intends to list its shares on the New York Stock Exchange under the symbol “RM”, said that Jefferies & Co. and Stephens Inc. are acting as joint bookrunning managers to the offering.
Regional Management, which provides loans to customers with limited access to consumer credit from banks, began operations in 1987 with four branches in South Carolina and has expanded to 170 location. It has more than 174,000 active accounts as of Dec. 31.