Pre-employment background screening firm HireRight (NYSE: HRT) started publicly trading on the New York Stock Exchange today. The firm’s initial public offering is looking to raise US$422.22 million.
The offering will be conducted through the issuance of 22.22 million common shares selling at US$19.00 per share.
The company granted the underwriters a 30-day over-allotment option to purchase additional 3.33 million common shares at the same IPO price. Credit Suisse and Goldman Sachs & Co. are all acting as lead bookrunners for the said offering.
The firm also relayed that it intends to use the offering proceeds on repaying indebtedness, unwinding certain interest rate swaps, and for general corporate purposes, including continued investment in operating systems and technologies.
The offering is expected to close on November 2, 2021, subject to customary closing conditions.
The platform provides background screening services for potential job candidates for more than 40,000 customers across the globe. The firm said that it has screened over 20 million job applicants, employees, and contractors for its customers in 2020.
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