Performant Financial IPO prices at $9 per share

[August 10, 2012]  NEW YORK (AP) -- Performant Financial Corp.'s 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. Selling shareholders are selling the remaining 7.1 million shares. The offering raised $81 million.

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 listing on the Nasdaq Global Select Market under the ticker symbol "PFMT."

Thursday Manchester United's IPO priced below expectations, while Carl's Jr. parent CKE postponed its market debut because of market conditions.

[Associated Press]

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