NEW YORK (AP) — Shares of Performant Financial Corp. rose on their first day of trading while the broader markets declined.
In midday trading shares changed hands at $10, up 8.1 percent from its opening price of $9.25.
Late Thursday the initial public offering of 9 million shares priced at $9 per share, below an expected range of $12 to $14.
The Livermore, Calif., company, which helps its government and private clients recover delinquent or defaulted assets, is selling 1.9 million shares. The remaining 7.1 million shares come from shareholders.
Performant plans to use proceeds for working capital and general corporate purposes as well as paying a contract-termination fee to an affiliate of its principal owner, Parthenon Capital Partners.
Shares are listed on the Nasdaq Global Select Market under the ticker symbol "PFMT."