BlackHawk Network Holdings (HAWK) Files $200M IPO

March 18, 2013 11:03 AM EDT
BlackHawk Network Holdings, Inc. (Nasdaq: HAWK) filed a registration with the U.S. Securities and Exchange Commission for an Initial Public Offering of its Common Stock. The proposed maximum offering price is $200 million. BlackHawk plans to list on the Nasdaq Global Select market under the ticker, "HAWK."

The offering is being made through Goldman, Sachs & Co., BofA Merrill Lynch, Citigroup, Deutsche Bank Securities, Barclays, BMO Capital Markets, Credit Suisse, Piper Jaffray, Raymond James, and Wells Fargo Securities.

Financial summary: "We have experienced significant growth since our inception in 2001 as we expanded our network. From 2008 through 2012, our revenues grew from $362 million to $959 million and our Adjusted net income grew from $22.7 million to $50.3 million, representing a compound annual growth rate, or CAGR, of 27.6% and 22.1%, respectively. Net income was $15.53 million in FY08, $26.76 million in FY09, $19.19 million in FY10, $38.49 million in FY11, and $48.17 million in FY12. EPS grew from $0.15 to $0.47 from FY08 to FY12."

Blackhawk is a prepaid payment network utilizing proprietary technology to offer a broad range of gift cards, other prepaid products and payment services in the United States and 18 other countries.

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