Comdata Eyes IPO (April 3, 2014)
Corporate payments provider Comdata Inc. is set to go public. The company said yesterday that it has filed a confidential draft registration statement to the Securities and Exchange Commission (SEC) as part of a Form S-1 filing, relating to plans for an initial public offering. Comdata did not indicate the number of shares to be sold, the share pricing or how the company intends to use the proceeds from the sale. “The initial public offering is expected to commence after the SEC completes its review process, subject to market and other conditions,” the company said in a release.
Based in Brentwood, Tenn., Comdata initially was founded to serve the trucking industry with fuel and corporate spending cards. The company since has expanded to serve a range of industries, including retail, hospitality, government, health care, education and construction. Launched in 1991, Comdata’s payroll card platform was named Best in Category for Outstanding Pay Solution at the 2014 Paybefore Awards. Comdata was acquired in 1995 by Stored Value Solutions for $900 million, but last year was spun off into a separate company.
The most recent high-profile payments IPO took place in April 2013, when Safeway Inc. sold shares of Blackhawk Network Holdings Inc. Comprising 19 percent of Blackhawk shares, the offering raised $230 million, according to Safeway.
