Seeking Alpha

Santander Consumer completes IPO

  • Santander Consumer USA (SC) - the American lending unit of Banco Santander (SAN) - priced the offering last night at $24 per share, reports the NYT, the top end of the previously expected $22-$24 range (which had been bumped to $24-$25 yesterday).
  • The company's P-E investors - including KKR, Robers, Centerbridge, and Warburg Pincus - plan to sell about 75M shares, up from previous estimates of 65M.
  • Santander will allow small investors the chance to invest through Loyal3 - an online startup allowing individuals to invest as little as $10 per month to purchase stock.
  • BTIG's Mark Palmer initiates the stock with a Buy rating and $31 price target, based on 12x his expected 2014 EPS.
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  • Alex12344
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    6 Feb, 04:40 PM Reply Like
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