Business

CDW files for IPO, expects to raise $738 million

Posted June 14, 2013 9:58 am

Daily Herald Staff report

Vernon Hills-based CDW filed an initial public offering with the Securities and Trade Commission today, offering 29.7 million shares of stock which the company hopes will raise $738 million.

CDW said in the filing the company will offer 23.4 million shares of stock, with stockholders proving the rest at a value of between $20 and $23 per share. Underwriters have an option to purchase up to 4.2 million additional shares from the selling stockholders to cover overallotments, according to the filing.

CDW, one of the country’s largest resellers of computer products and software, was acquired by equity firms Madison Dearborn Partners LLC and Providence Equity Partners for $7.3 billion and taken private in 2007. The company was founded in 1984 by entrepreneur Michael Krasny, according to the company’s website, and in 2012 generated $10.1 billion in net sales.

CDW has more than 6,800 employees working in 25 locations in North America and ranks 270 in the Fortune 500 Information Technology Services category.

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