NEW YORK (AP) -- Evertec's initial public offering of approximately 25.3 million shares has raised about $506 million.
The payment processing company, which also provides business process management services and other services, said late Thursday that IPO was priced at $20 per share, at the high end of the expected range of $18 to $20 per share.
Evertec anticipates about $117.4 million in proceeds, after taking out underwriters' discounts and commissions and other expenses. It plans to use a substantial amount of the proceeds to pay back existing debt. The San Juan, Puerto Rico, company won't receive any proceeds from shares sold by selling stockholders.
Evertec Inc. is offering approximately 6.3 million shares, an affiliate of Apollo Global Management LLC is offering about 10.2 million shares and Popular Inc. is offering approximately 8.8 million shares.
The underwriters will have a 30-day option to buy up to an additional 3.8 million shares from Apollo.
After the offering, Apollo will own 33.6 percent of the company's outstanding stock, while Popular will own 33.5 percent. If the underwriters fully exercise their option, they will own 28.8 percent and 33.5 percent, respectively.
The shares are expected to start trading on the New York Stock Exchange on Friday under the "EVTC" ticker symbol. The offering is expected to close on Wednesday.