MEMPHIS, Tenn. (AP) — ServiceMaster Global Holdings Inc., the parent company of Terminix, Merry Maid and other service franchises, raised $610.3 million in an initial public offering of its common stock.
The provider of pest control services, warranties on home appliances and other services priced the offering of 35.9 million shares at $17 per share, below the projected price range of $18 to $21 per share.
The Memphis, Tennessee-based company is giving the underwriters a 30-day option to buy up to an additional 5.4 million shares.
ServiceMaster plans to use the offering's proceeds to pay back debt and pay fees to certain shareholders.
The shares are expected to start trading on the New York Stock Exchange on Thursday under the "SERV" ticker symbol.