Sterling Completes $378 Million IPO

Technology & Services

Sterling IPO


Summary

Sterling Check Corp. (“Sterling” or the “Company”) (NASDAQ: STER), a portfolio company of The Goldman Sachs Group, Inc. (“Goldman Sachs”), recently completed an initial public offering of 16,427,750 shares of common stock, including the exercise in full of the underwriters’ overallotment option, at a price of $23.00 per share, generating gross proceeds of approximately $377.8 million. Sterling intends to use the net proceeds, together with cash on hand, to repay approximately $100.0 million outstanding under its term loan and for general corporate purposes. The Company will not receive any proceeds from the sale of the shares by the selling stockholders.

Baird served as a bookrunner on this offering.

About

Sterling — a leading provider of background and identity services — offers background and identity verification to help over 40,000 clients create people-first cultures built on a foundation of trust and safety. Sterling’s tech-enabled services help organizations across all industries establish great environments for their workers, partners, and customers. With operations around the world, Sterling conducts more than 75 million background checks annually.

Goldman Sachs is a leading global financial institution that delivers a broad range of financial services across investment banking, securities, investment management and consumer banking. Goldman Sachs Asset Management delivers investment and advisory services for the world’s leading institutions, financial advisors and individuals, drawing from its deeply connected global network and tailored expert insights, across every region and market – overseeing more than $2 trillion in assets under supervision worldwide as of June 30, 2021. Founded in 1869, Goldman Sachs is headquartered in New York, New York and maintains offices in all major financial centers around the world.
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Technology & Services

Sterling IPO

Date
October 2021
Company
Sterling Check Corp.
Transaction
Equity Capital Markets
Sectors
Technology & Services
Verticals
Human Capital Technology & Solutions
Target Location
North America

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