Reuters – Community Choice Lowers IPO Range

Private Equity-backed Community Choice Financial Inc. lowered the expected price range of its planned initial public offering of 10.7 million shares to $10 to $12 per share. The lender, which offers short-term consumer loans, title loans and check cashing services, was earlier expecting to price its IPO between $13 and $15 per share. The company is backed by Diamond Castle Holdings and Diamond Castle.

(Reuters) – Community Choice Financial Inc lowered the expected price range of its planned initial public offering of 10.7 million shares to $10 to $12 per share.

 

The lender, which offers short-term consumer loans, title loans and check cashing services, was earlier expecting to price its IPO between $13 and $15 per share.

 

The company, which is backed by private equity firms Diamond Castle Holdings and Diamond Castle, had filed with the U.S. Securities and Exchange Commission in August 2012 to raise up to $230 million in an IPO of its common stock.

 

Community Choice expects to receive net proceeds of $106.8 million at the mid-point of the new price range. It plans to use the funds for acquisitions and to repay debt.

 

The company, which has a network of 435 retail storefronts across 14 states, has applied to list its shares on the Nasdaq under the symbol “CCFI.”

 

Credit Suisse Securities is acting as the lead underwriter for the offering.