By Bharath ManjeshR
July 1 (Reuters) – Shares of U.S.
business analytics firm Dun & Bradstreet Holdings Inc jumped about 14% in their market debut on Wednesday, riding on the back of a recent recovery in investor appetite for new stocks.
Shares opened at $25 on the New York Stock Exchange, compared to their initial public offering (IPO) price of $22.
The opening price values the company at $10.01 billion.
The company on Tuesday raised $1.7 billion by upsizing its offering and pricing it above its targeted range of $19-$21 per share, indicating strong demand.
Dun & Bradstreet’s IPO is the third-largest of the 39 expected in the current quarter, IPO research firm Renaissance Capital said website in a note.
The Short Hills, New Jersey-based company provides businesses with data and analytics services and has more than 5,000 employees in North America, Europe and Asia, according to its website.
The listing comes less than two years after an investor group, led by former Blackstone Group Inc dealmaker Chinh Chu, took Dun & Bradstreet private in a $6.9 billion deal.
“They (PE investors) so far have turned a loss of more than $200 million in the first quarter of the year to a $40 million profit,” Erik Gordon, a professor at the University of Michigan’s Ross School of Business said.
“It has a treasure trove of data on businesses and is used by about 90% of Fortune 500 companies, not just gig workers or startup tech companies that might not be in business next year.”
Dun & Bradstreet’s investor group also includes CC Capital Partners, Cannae Holdings Inc, Bilcar, Black Knight Inc and Thomas H.
Goldman Sachs, BofA Securities, J.P. Morgan, Barclays served as lead underwriters for the IPO. (Reporting by Bharath Manjesh in Bengaluru; Editing by Vinay Dwivedi)