Dun & Bradstreet, which went private more than a year ago, ended up raising $1.7 billion after boosting the size of its IPO
Dun ended up selling 78.3 million shares at $22 each, according to a statement. The business analytics firm had planned to offer 65.75 million shares at $19 to $21 each, according to a June 26 SEC filing. Dun is slated to trade later Wednesday on the New York Stock Exchange under the ticker “DNB.”
Underwriters on the deal include Goldman Sachs Group (GS), BofA Securities, JPMorgan Chase (JPM), and Barclays (BCS).
Founded in 1841, Dun provides data and analytics to roughly 135,000 clients, which include 90% of the Fortune 500. It employs more than 4,000 people globally. The company reported net income of $41.5 million on $395.3 million revenue for the quarter ended March 31. This compares to $227.9 million in net losses on $174.1 million revenue for the same time period in 2019. Dun is highly leveraged with $4 billion in long term-debt as of March 31.
Anthony Jabbour, Dun’s chief executive, is the former COO of Fidelity National Information Services (Ticker: FIS) . He also serves as CEO of Black Knight (BKI), a software company that owns a chunk of Dun.
This will be the latest time that the Short Hills, New Jersey company will be public. Dun & Bradstreet was public in 2018 when Chinh Chu, a former senior managing director at Blackstone (BX) where he co-led the private equity group, led a consortium of investors to Dun private in a $6.9 billion deal. The transaction closed in February 2019. The consortium included Thomas H. Lee Partners, Bill Foley’s Cannae Holdings, Black Knight, and Chu’s investment firm CC Capital. The deal included an equity commitment of roughly $2 billion, according to a 2018 SEC filing.
CC Capital, Cannae and Black Knight have also agreed to invest $400 million in Dun via a private placement right after the IPO closes, the S1 filing said.
Dun is looking to ride a recent wave of successful IPOs that are launching during the covid-19 recession. Vroom (VRM), an online used car seller, surged as much as 117% in its first day of trade earlier this month. Shift4 Payments (FOUR) also rocketed 44% during its first day on June 5.
The Covid-19 pandemic has not impacted Dun’s productivity and financial performance for the quarter ended March 31, the filing said. However, the firm drew down on a $200 million revolver to ensure liquidity during this time period. It has already repaid over $100 million, according to the filing.
None of the investors are selling stock in the IPO. THL owns the biggest stake in Dun. The Boston private-equity firm will have 104.3 million shares, or 25.4%, of Dun after the IPO and private placement. Cannae will own 77.9 million shares or 19%, while Black Knight will have 55.5 million, or 13.5%. BlackRock, which owned a stake in Dun before the sale to the investor group, will have 27.6 million shares or 6.7%.
Executives for BlackRock declined to comment. Dun, CC Capital, THL, Black Knight and Cannae could not be reached for comment.
Write to Luisa Beltran at luisa.beltran@dowjones.com
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Dun & Bradstreet Is Going Public Again. It Could Raise as Much as $1.4 Billion in an IPO. - Barron's
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