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(Bloomberg) — NIQ Global Intelligence Plc filed for an initial public offering, earmarking the proceeds to pare its debt load.
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The private equity-backed former consumer intelligence unit of Nielsen Holdings had a net loss of $73.7 million on revenue of $966 million in the three months ended March 31, compared with a net loss of $174 million on revenue of $962 million in the same period a year earlier, according to its filing Friday with the US Securities and Exchange Commission.
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Buyout firm Advent, in partnership with former TransUnion Corp. Chief Executive Officer Jim Peck, purchased the business from Nielsen for $2.7 billion in 2021, later re-branding it as NIQ. Peck is NIQ’s CEO and chairman.
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The company’s other investors include KKR & Co. and the Nuremberg Institute for Market Decisions, a nonprofit consumer research organization, according to the filing.
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Since the acquisition, NIQ has revamped its management team, invested about $400 million in technology, acquired another consumer intelligence company and made eight other small acquisitions, according to the filing. The company has slashed its cost base by more than 20%.
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Bloomberg News reported in February that NIQ was exploring an IPO that could raise about $1.25 billion and value the company at $10 billion. The Chicago-based company carries $4.3 billion of total debt, with adjusted earnings before interest, taxes, depreciation and amortization of $740.7 million last year, the filing shows.
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The offering is being led by JPMorgan Chase & Co., Bank of America Corp., UBS Group AG, Barclays Plc and Royal Bank of Canada. The company plans for its shares to trade on the New York Stock Exchange under the symbol NIQ.
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English (US)