Ceridian HCM started at neutral with $34 stock price target at J.P. Morgan

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Ceridian HCM Holding sets terms of IPO to raise up to $441 million

Ceridian HCM Holding , a human resources services portfolio company of Cannae Holdings Inc. , set terms for its initial public offering of common stock to raise up to $441 million. Ceridian is offering 21 million shares, and expects the IPO to price between $19 to $21 a share. If all the options granted to underwriters to buy additional shares are exercised, the company could raise up to $507.2 million. The company has applied to have its stock listed on the NYSE, under the ticker symbol “CDAY.” Ceridian plans to use the proceeds from the IPO to redeem the $475 million principal amount of outstanding 11% senior notes due 2021. Goldman Sachs & Co., J.P. Morgan, Credit Suisse and Deutsche Bank Securities are the lead underwriters. Ceridian is looking to go public at a time that the Renaissance IPO ETF has slipped 1.3% over the past three months and the S&P 500 has dropped 5.2%.

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