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Pay to play: Payment processor Shift4 Payments files for an estimated $300 million IPO

May 15, 2020

Shift4 Payments, which provides secure payment processing solutions, filed on Friday with the SEC to raise up to $100 million in an initial public offering. However, this is likely a placeholder for a deal we estimate could raise up to $300 million.

Shift4 Payments' main business is its payments platform, which provides a suite of integrated multichannel payment products and services. The company serves merchants ranging from SMBs to large enterprises including KFC, Hilton, Kohler, and The Metropolitan Museum of Art, according to its website. As of March 31, 2020, Shift4 Payments served over 66,000 merchants representing over $6 billion in end-to-end payment volume for the 1Q20.

The Allentown, PA-based company was founded in 1999 and booked $776 million in revenue for the 12 months ended March 31, 2020. It plans to list on the NYSE under the symbol FOUR. Shift4 Payments filed confidentially on November 27, 2019. Citi, Credit Suisse, Goldman Sachs, BofA Securities, Morgan Stanley, RBC Capital Markets, and Evercore ISI are the joint bookrunners on the deal. No pricing terms were disclosed.