Reuters: Regulatory News: Performant Financial downsizes IPO, prices below range -source

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Performant Financial downsizes IPO, prices below range -source Aug 9th 2012, 23:26 Thu Aug 9, 2012 7:26pm EDT Aug 9 (Reuters) - Debt-collection company Performant Financial Corp scaled back its initial public offering, selling fewer shares at below its expected price range, according to a market source. The offering of 9 million shares was priced at $9 per share, the source told Reuters. The company, which helps government agencies and private companies recover delinquent loans, was looking to sell 11.54 million shares at between $12 and $14 per share. It was not immediately certain how many shares in the downsized offering, which raised $81 million, were sold by the company. Performant was earlier planning to sell 1.9 million shares in the offering, while the remaining shares were to be sold by selling stockholders. The company is backed by private equity firm Parthenon Capital Partners, which will own about 57 percent of the company following the IPO. Livermore, California-based Performant's shares are expected to begin trading on Friday on the Nasdaq under the symbol "PFMT." Morgan Stanley and Goldman Sachs were among the underwriters to the offering.

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