Published March 12, 2012
Regional Management Corp., a Greenville-based consumer finance company, said today it launched an initial public offering valued at up to $79.8 million.
Regional Management is offering 4.2 million shares priced between $17 and $19 per share. The company is offering 2.8 million shares, and existing stockholders are offering 1.4 million. Its common stock has been approved for listing on the New York Stock Exchange, subject to official notice of issuance, under the symbol "RM."
Regional Management said it will use the proceeds to pay debt.
Founded in 1987, RMC operates 170 locations with more than 174,000 active customer accounts in South Carolina, Texas, North Carolina, Tennessee, Alabama and Oklahoma.
The company provides installment loans ranging from $300 to $18,000, as well as automobile purchase loans of up to $30,000 and loans of up to $7,500 on furniture and appliance purchases.
Revenue for 2011 was $105.2 million and net income from continuing operations was $21.2 million.
Jefferies & Co. Inc. and Stephens Inc. are acting as joint book-running managers of the offering. JMP Securities LLC and BMO Capital Markets Corp. are acting as joint lead managers of the proposed offering. The offering will be made only by means of a prospectus.