News

TNS raises $80M in IPO

March 16, 2004

RESTON, Va. - TNS, which processes ATM, debit and credit card transactions, went public in March 16 trading after raising $79.6 million in its initial public offering.

According to a report in the Washington Business Journal, TNS sold 4.42 million shares at $18 per share, at the top end of the price range filed with the Securities and Exchange Commission.

JPMorgan Securities and Lehman Brothers were lead managers on the stock offering, with co-managers Credit Suisse First Boston, William Blair & Co., and SunTrust Capital Markets.

This is the second time around on Wall Street for TNS, originally Transaction Network Services. The company went public in 1994, but was acquired by PSINet in 1999. Two years later, an investment group led by TNS founder John McDonnell bought the company back.

In addition to ATM and credit card transactions, TNS has expanded into lottery machine transactions, pre-paid wireless account replenishment and telephone calling card verification, according to the Business Journal.

TNS customers include more than 400 financial services companies in 12 countries. The company's stock (NYSE: TNS) was up 5 cents to $18.05 per share in March 16 trading.