i3 Verticals Inc. launched a follow-on public offering of 4,491,763 class A common shares.
The company plans to grant the underwriters a 30-day option to buy up to an additional 673,765 class A common shares.
It intends to use the net proceeds from the sale of 1 million class A common shares to repay its outstanding debt. The remaining net proceeds will be used to purchase common units of i3 Verticals LLC from selling unitholders.
The company expects roughly $109.1 million in net proceeds or about $125.5 million if the underwriters fully exercise their option to purchase additional shares.
Cowen, Raymond James and BofA Merrill Lynch are the joint book-running managers for the offering. KeyBanc Capital Markets is the book runner and D.A. Davidson & Co. is the co-manager for the offering.