Heartland Payment Systems Inc., a Princeton, N.J., merchant acquirer that processes payments mainly for small and midsize merchants, has gone public.
Shares of Heartland began trading Thursday on the New York Stock Exchange at an initial price of $18; at midday the price had climbed above $24.
Heartland sold 2.62 million shares for $47.2 million; private shareholders sold 4.13 million shares.
Heartland initially announced plans to offer shares in August 2004. In its prospectus, it said it planned to use the proceeds to repay debt and for general corporate purposes.
Last year Heartland was the No. 10 merchant acquirer, with $26.9 billion of transaction volume and nearly 73,000 merchants, according to the industry newsletter The Nilson Report.
