Payments technology Firm Shift4 files For US IPO

Payments technology firm Shift4 Payments Inc filed for its U.S. initial public offering on Friday, at a time when more transactions are moving online due to coronavirus-led restrictions.

Companies that provide online infrastructure for financial and payment services are getting a boost amid the COVID-19 pandemic as more customers gravitate towards contactless payments and online banking services.

The Pennsylvania-based company reported a net loss of $58.1 million in 2019, compared with $49.9 million in 2018. Gross revenue rose 30.5% during the same period, according to its regulatory filing.

The company plans to list its Class A common shares on the New York Stock Exchange under the symbol “FOUR”.

Citigroup, Credit Suisse, Goldman Sachs and Morgan Stanley are among the underwiters of the IPO.

Reuters