ATLANTA, June 25, 2021 (GLOBE NEWSWIRE) — First Advantage Corporation, a leading global provider of technology solutions for screening, verifications, safety and compliance related to human capital, today announced the closing of its upsized initial public offering of 29,325,000 shares of its common stock at a price to the public of $15.00 per share, including the full exercise by the underwriters of their option to purchase up to 3,825,000 additional shares of common stock. Of the sold shares, 22,856,250 shares were sold by First Advantage, and 6,468,750 shares were sold by certain existing stockholders of First Advantage. The offering was upsized 20% from the number of offered shares at launch and priced at the top of the price range indicated at launch.
First Advantage’s common stock is listed on the Nasdaq Global Select Market and trades under the ticker symbol “FA.”
First Advantage received net proceeds of approximately $315.8 million from the offering after deducting underwriting discounts and commissions and estimated offering expenses. First Advantage intends to use the net proceeds to repay a portion of the outstanding indebtedness under its first-lien term loan facility and for general corporate purposes. First Advantage did not receive any proceeds from the sale of common stock by the selling stockholders.
Barclays, BofA Securities and J.P. Morgan acted as lead bookrunners for the offering. Citigroup, Evercore ISI, Jefferies, RBC Capital Markets, Stifel and HSBC acted as bookrunners, and Citizens Capital Markets, KKR Capital Markets LLC, MUFG, Loop Capital Markets, R. Seelaus & Co., LLC, Ramirez & Co., Inc. and Roberts & Ryan acted as co-managers for the offering.
About First Advantage
First Advantage is a leading global provider of technology solutions for screening, verifications, safety and compliance related to human capital. The company delivers innovative solutions and insights that help customers manage risk and hire the best talent. Enabled by its proprietary technology platform, First Advantage’s products and solutions help companies protect their brands and provide safe environments for their customers and their most important resources: employees, contractors, contingent workers, tenants and drivers. Headquartered in Atlanta, Georgia, First Advantage has offices in North America, Europe, Asia and the Middle East.
