RiskMetrics Group Inc., a New York-based provider of financial risk management and corporate governance products and services, raised $245 million in its IPO. The company priced 14 million common shares at $17.50 per share ($17-$19 range), for an initial market cap of approximately $1.01 billion. The company will trade on the NYSE under ticker symbol RMG, while Credit Suisse, Goldman Sachs and Banc of America Securities served as co-lead underwriters.
RiskMetrics spun out of JPMorgan in September 1998, and later completed a $122 million recapitalization sponsored by Spectrum Equity Investors (27.99% pre-IPO stake), General Atlantic (27.99%) and Technology Crossover Ventures (12.31%). TCV plans to purchase up to $10 million in common stock from the underwriters, as part of the IPO. www.riskmetrics.com