AmeriQuest Sets Its IPO Target

B2B financial services firm AmeriQuest first signaled plans to debut on the public market last year, but on Wednesday (Jan. 13), the company divulged some more details about the venture.

Reports said a filing with the Securities and Exchange Commission revealed AmeriQuest has set a target of between $11 and $13 per share for 6.15 million shares. Tops, the company could raise $92 million though the initial public offering on the Nasdaq Global Market and be valued at nearly $300 million.

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The company plans to trade under the symbol AMQ, reports added.

AmeriQuest first launched as a procurement and fleet management service provider for the transportation industry, reports noted; over the years, the company has expanded its financial services reach to handle the financial process and asset management demands for its clients. The company provides cloud-based solutions to automate processes in procurement and has since expanded its offerings to new industries beyond transportation.

The latest figures reveal that AmeriQuest covers about 2,250 corporate customers and processed $12.2 billion in transaction value in the year ended Dec. 2014, reports said.

During that year, the company also handled 9.2 million transactions for its customers to automate the procurement process.

“We have experienced substantial growth as we have expanded into new sectors. Our total revenue was $57.6 million, $67.4 million and $84.8 million during the years ended Dec. 31, 2012, 2013 and 2014, respectively, a compound annual growth rate, or CAGR, of 21.4 percent over those periods,” the company said in its SEC filing.