Eye on Financing: EVO’s Roadshow Starts; USAT Seeks $50 Million

Two payments companies are turning to the investment market to raise funds with public offerings.

EVO Payments International says it began its roadshow to promote its initial public offering it announced in April.

If successful, the IPO could generate anywhere from $186,666,662 to $213,333,328, based on a share value ranging from $14 to $16 on the 13.3 million shares being offered. Trading on the Nasdaq Global Select Market would be under the EVOP ticket symbol.

Proceeds are slated to help pay off EVO’s debt and repay the $70 million purchase of Sterling Payment Technologies Inc. in January 2017.

In related news, USA Technologies Inc., an unattended-payments specialist, filed a registration statement saying the company plans to sell $50 million in common stock in a public offering.

USAT plans to use the net proceeds for general corporate purposes and to fund growth, including possible acquisitions. In its S-1 registration statement, Malvern, Pa.-based USAT also says proceeds may be used to pay down debt. Certain shareholders also plan to sell up to 553,187 shares, shares that would be worth $6.5 million as of Wednesday’s closing price of $11.75.

Earlier this week, USAT said its number of machine connections soared 92.3% to 969,000, in the quarter ended March 31.