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Data Provider Dun & Bradstreet Raises $1.7 Billion in U.S. IPO

Crystal Tse and Scott Deveau

(Bloomberg) -- Dun & Bradstreet Holdings Inc., one of Wall Street’s oldest data and analytics providers, raised $1.7 billion in its U.S. initial public after pricing the offering above a marketed range.

The company, whose origins can be traced to 1841, sold 78.3 million shares at $22 each, according to a statement Tuesday that confirmed an earlier Bloomberg News report. It upsized the offering after earlier marketing 65.75 million shares for $19 to $21 each.

At $22, the company would have a market value of about $8.8 billion based on the number of outstanding shares listed in the filing.

Even without Dun & Bradstreet’s listing, June is set be the busiest month for U.S. IPOs since September 2014, when Alibaba Group Holding Ltd. priced its $25 billion offering. A total of 47 companies have priced their share sale raising $17.6 billion combined, data compiled by Bloomberg shows.

Dun & Bradstreet, based in Short Hills, New Jersey, said its database included comprehensive information on more than 360 million businesses as of March 31. Its 135,000 clients include about 90% of the Fortune 500.

Subsidiaries of Cannae Holdings Inc., Black Knight Inc. and veteran dealmaker Chinh Chu’s CC Capital Partners have committed to investing a combined $400 million in a concurrent share placement to Dun & Bradstreet’s listing, according to the filing with the U.S. Securities and Exchange Commission.

Dun & Bradstreet will return to the public market after less than two years. An investor group led by CC Capital, Cannae and funds affiliated with Thomas H. Lee Partners acquired the company for about $5.4 billion in cash in 2018. The deal valued the company at $6.9 billion, including debt. The consortium will control about 66% of the voting power after the IPO, according to the filing.

Bloomberg LP, the parent of Bloomberg News, competes with Dun & Bradstreet in providing financial information.

Goldman Sachs Group Inc. and Bank of America Corp. are leading the offering, along with JPMorgan Chase & Co. and Barclays Plc. Dun & Bradstreet will list its shares on the New York Stock Exchange under the symbol DNB.

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