HireRight (HRT) IPO: 9 Things to Know About the Upcoming Offering
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HireRight (NYSE: HRT), a background screening and identity verification services company, is due to go public this week. Here are 9 key things to know about the upcoming HRT IPO.
1. HireRight IPO Date - HireRight will go public this Friday, October 29. HireRight will start trading under the ticker symbol “HRT” on the New York Stock Exchange (NYSE). Generally, shares that make their public stock market debuts start trading between 10 AM - 2 PM ET.
2. HireRight IPO Pricing - HireRight expects to price its shares between $21.00 and $24.00.
3. Shares Offered - HireRight is looking to sell 22,222,222 of its common stock. The S-1 filing shows the number of outstanding shares after IPO offering would be 79,390,513 shares.
4. HireRight IPO Valuation - HireRight is seeking a valuation of between $1.66 billion and $1.9 billion.
5. HRT IPO Raised Proceeds: At the midpoint of the pricing range, HireRight is looking to raise $500 million. The company intends to use raised proceeds for general business purposes.
6. HRT IPO Underwriters - Goldman Sachs and Credit Suisse are the key IPO underwriters. Barclays, Jefferies, RBC, William Blair, Baird, KeyBanc, Stifel, and Truist are also participating in the offering.
7. HireRight Financials - HireRight recorded sales of $326.5 million million for the first six months this year, as well as a net loss of $15.6 million and adjusted EBITDA of $65.3 million.
8. HireRight TAM - According to Allied Market Research, the global background screening services market is expected to be $5.1 billion in total revenue in 2021. This market is projected to grow at a compound annual growth rate (CAGR) of approximately 9% to reach $7.6 billion in 2026.
9. HireRight Ownership - Following the offering, General Atlantic will own approximately 37.4% of the common stock, while Stone Point Capital will own 20.8%.
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Related EntitiesCredit Suisse, Stifel, William Blair, Goldman Sachs, KeyBanc, Jefferies & Co, Robert W Baird, Barclays, S1, IPO
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