HireRight IPO prices at $19 a share, below proposed price range of $21 to $24

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HireRight Holdings Corp. HRT, -9.21%, a Nashville-based employment screening company, said Friday it’s initial public offering priced at $19 a share, below its proposed price range of $21 to $24. The company sold 22.2 million shares to raise $421.8 million. With 79.4 million shares expected to be outstanding, the company has gone public at a valuation of $1.6 billion. Proceeds of the deal will be used to repay debt, unwind interest rate swaps and for general corporate purposes. Credit Suisse and Goldman Sachs were lead underwriters in a syndicate of 15 banks. The company has applied to list on the New York Stock Exchange under the ticker “HRT.” HireRight reported a net loss of $15.6 million and revenue of $326.5 million for the six months ended June 30, compared to a net loss of $45.9 million and revenue of $259.4 million in the year-ago period. The deal comes at a time when the Renaissance IPO ETF IPO, +0.28% has gained 6% in the year to date, while the S&P 500 SPX, +0.19% has gained 22%.

This article was originally published by Marketwatch.com. Read the original article here.

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