Cardtronics files for $300 million IPO

Cardtronics files for $300 million IPO

American ATM operator Cardtronics has filed with the Securities and Exchange Commission (SEC) for an initial public offering (IPO) of common stock worth up to $300 million.

The vendor plans to list on Nasdaq under the symbol 'CATM'.

Cardtronics recently added over 5,500 cash machines to its portfolio by acquiring the US ATM operations of 7-Eleven for about $135 million, expanding its network of machines across the US, UK and Mexico to approximately 30,000. Cardtronics owns around 60% of the ATMs in its network, with the remainder owned by merchants and managed by the company.

Cardtronics first filed for IPO in March 2004 after experiencing several years of rapid growth. But in March 2005 it withdrew its $115 million IPO in favor of a $75 million recapitalisation involving Boston private equity firm TA Associates and existing investor Houston-based CapStreet Group.

This first IPO plan was abandoned as the acquisitive company focused on the $106 million buyout of the assets of E*Trade Access, which doubled its machine count to around 25,000.

For the six months ended June 30, 2007 it generated pro-forma revenue of $231.3 million, with a pro-forma net loss of $6.5 million, which it attributes to increased costs associated with geographic expansion, Triple-DES standard security compliance and investment in its own in-house transaction processing capabilities.

The IPO is being underwritten by Deutsche Bank Securities, William Blair & Co. and Banc of America Securities.

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