i3 Verticals (IIIV) IPO Opens 38% Higher

Today's IPO for i3 Verticals (NASDAQ: IIIV) opened for trading at $18 after pricing 6,650,000 shares of Class A common stock at $13.00 per share.

The Company has granted the underwriters a 30-day option to purchase up to an additional 997,500 shares of Class A common stock at the initial public offering price, less underwriting discounts and commissions, to cover overallotments.

Cowen and Raymond James are serving as joint book-running managers and as representatives of the underwriters for the offering. KeyBanc Capital Markets is acting as a bookrunner for the offering.

Recognizing the convergence of software and payments, i3 Verticals was founded in 2012 with the purpose of delivering seamless integrated payment and software solutions to small- and medium-sized businesses (“SMBs”) and organizations in strategic vertical markets. Since commencing operations, i3 Verticals has built a broad suite of payment and software solutions that address the specific needs of SMBs and other organizations in its strategic vertical markets.

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