CPI Card Group Files for $100 Million IPO (Aug. 11, 2015)
Littleton, Colo.-based card manufacturer and payments company CPI Card Group Inc. has filed preliminary paperwork with the SEC, saying it could raise up to $100 million in an initial public offering. CPI Card Group plans to list its common stock on the NASDAQ and Toronto stock exchanges. The exchange listings, number of shares to be offered and the price range of the stock have not yet been determined.
CPI Card Group had a net income last year of $13.3 million compared with $8.6 million in 2013 and $4.9 million in 2012, according to the filing. CPI Card Group is a global provider of payment solutions, including card production, card personalization, mobile technologies and fulfillment services. The company has been in the payments market for more than 30 years, reaching card production volume of more than 1.3 billion annually. Indirect and direct customers include JPMorgan Chase, Bank of America, American Express, InComm, Green Dot and Blackhawk Network.
CPI Card Group’s IPO filing comes on the heels of two other high-profile companies in the industry filing with the SEC to be publicly traded. First Data Corp. announced last month it had filed documents relating to an IPO of its common stock. Observers estimate the IPO could fetch between $25 billion and $40 billion. M-POS provider Square filed confidentially for an IPO with the SEC in July, too, according to sources.