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HR platform provider First Advantage sets terms for $298 million IPO

June 14, 2021

First Advantage, which provides technology solutions for human capital management, announced terms for its IPO on Monday.

The Atlanta, GA-based company plans to raise $298 million by offering 21.3 million shares (16% insider) at a price range of $13 to $15. At the midpoint of the proposed range, First Advantage would command a fully diluted market value of $2.1 billion.

First Advantage is a leading global provider of technology solutions for screening, verifications, safety, and compliance related to human capital. Its comprehensive product suite includes Criminal Background Checks, Drug/Health Screening, and Extended Workforce Screening, among other features. The company derives a substantial majority of its revenues from pre-onboarding screening, performing over 75 million screens on behalf of more than 30,000 customers in 2020.

First Advantage was founded in 2003 and booked $530 million in revenue for the 12 months ended March 31, 2021. It plans to list on the Nasdaq under the symbol FA. Barclays, BofA Securities, J.P. Morgan, Citi, Evercore ISI, Jefferies, RBC Capital Markets, Stifel, and HSBC are the joint bookrunners on the deal. It is expected to price during the week of June 21, 2021.