Performant Downsizes IPO, Price Climbs During Debut
August 13, 2012
Performant Financial raised $81 million in its IPO after downsizing from 11.54 million shares to 9 million shares and pricing at $9 per share, below its expected $12 to $14 range. The company sold about 1.9 million of the shares, while selling stockholders, including Parthenon Capital Partners, sold about 7.1 million. Performant provides technology-enabled recovery and related analytics services. The company's shares closed their first day trading on the NASDAQ under the symbol PFMT up at $10.60.