PSAV, which provides audiovisual technology rental and support services for events, announced terms for its IPO on Monday.
The Schiller Park, IL-based company plans to raise $250 million by offering 16.1 million shares (12% insider) at a price range of $14 to $17. At the midpoint of the proposed range, PSAV would command a market value of $1.1 billion.
The company is backed by Goldman Sachs (NYSE: GS) and Olympus Partners.
PSAV was founded in 1962 and booked $1.5 billion in sales for the 12 months ended March 31, 2016. It plans to list on the NYSE under the symbol PSAV. Goldman Sachs, Morgan Stanley, Barclays and Credit Suisse are the joint bookrunners on the deal. It is expected to price during the week of June 13, 2016.
