Advent-backed NIQ valued at $6.1 billion as shares slip in NYSE debut

By Niket Nishant

(Reuters) -Creation-backed shopper insights firm NIQ World was valued at $6.1 billion as its shares dipped 3.6% of their NYSE debut on Wednesday, marking a uncommon setback in an in any other case robust stretch for preliminary public choices.

The inventory opened at $20.25 per share, in contrast with the IPO value of $21 per share.

Whereas robust fairness markets and upbeat IPO debuts have boosted optimism amongst firms and buyers alike, NIQ’s efficiency highlights that buyers proceed to be choosy.

“Though there’s pleasure round most of the expertise IPOs, there’s nonetheless a top quality bar that any issuer should clear,” mentioned Sam Kerr, head of fairness capital markets at Mergermarket.

The Chicago, Illinois-based firm had priced its shares on the decrease finish of the $20 to $24 vary it marketed earlier, elevating $1.05 billion.

NIQ delivers insights on shopper purchasing habits that manufacturers and retailers use to fine-tune their merchandise and techniques.

It has about 23,000 shoppers together with Coca-Cola, Nestlé and Sony and is led by Jim Peck, former CEO of credit score info firm, TransUnion.

NIQ’s income was $965.9 million for the three months ended March 31, barely greater than a yr earlier. Internet loss attributable to it narrowed to $73.7 million, from $173.9 million a yr in the past.

Proceeds from the IPO will probably be used to repay some debt and for different common company functions, NIQ mentioned. Circana and YouGov are a few of the firm’s rivals.

J.P. Morgan, BofA Securities and UBS Funding Financial institution are among the many underwriters for the IPO.

The itemizing got here greater than 4 years after NIQ was spun off from Nielsen Holdings.

(Reporting by Niket Nishant in Bengaluru; Enhancing by Pooja Desai and Alan Barona)