BROWN DEER, Wis. - Metavante Corp., formerly M&I Data Services, has filed to offer 16.5 million common shares at $11 to $13 each in the initial public offering announced in July.
Metavante, the data processing unit of Marshall & Ilsley Corp., said it expects to raise about $182 million in net proceeds from the IPO, $100 million of which it will keep after repaying an intercompany loan from M&I, according to the filing.
The firm plans to use the $100 million for general corporate purposes and potential investments in or acquisitions of businesses and technologies.
Once the IPO is completed, M&I will continue to own about 84.1% of the company. M&I plans to complete its divestiture by distributing its Metavante shares to the holders of M&I's common stock within a year after completing the IPO.
Metavante has applied for a Nasdaq listing under the symbol MVNT.
The IPO is being handled by Donaldson, Lufkin & Jenrette, Credit Suisse First Boston, Salomon Smith Barney, UBS Warburg, Robert W. Baird, and DLJdirect.