Alight, a Blackstone-backed provider of outsourced cloud-based HR services, announced terms for its IPO on Monday.
The Lincolnshire, IL-based company plans to raise $752 million by offering 32 million shares at a price range of $22 to $25. At the midpoint of the proposed range, Alight would command a fully diluted market value of $4.8 billion.
Alight was founded in 1940 and booked $2.4 billion in sales for the 12 months ended December 31, 2018. It plans to list on the Nasdaq under the symbol ALIT. BofA Merrill Lynch, J.P. Morgan, Morgan Stanley, Barclays, BMO Capital Markets, Citi, Credit Suisse, Deutsche Bank and Goldman Sachs are the joint bookrunners on the deal. It is expected to price during the week of March 18, 2019.
Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO) , Renaissance International ETF (symbol: IPOS) , or separately managed institutional accounts may have investments in securities of companies mentioned.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of NASDAQ, Inc.