ADT Files to Go Public
Backed by Apollo Global Management, ADT, No. 1 on the SDM 100 and SDM’s 2017 Dealer of the Year, filed for an initial public offering on Dec. 21, 2017.
The company filed for a $100 million IPO as a placeholder that is usually used to calculate fees, but in July 2017 a forthcoming ADT IPO was predicted to be more than $15 billion.
Apollo took ADT private in February of 2016, about three months before finalizing on the acquisition of the company in May of 2016 through its portfolio company Protection 1.
The IPO filing lists ADT residential and business customers in the U.S. and Canada at about 7.2 million. According to Bloomberg, about 90 percent of its revenue is from repeat payments from customers with whom ADT has contracts.
Bloomberg also reported ADT posted a net loss of $296 million on total revenue of $3.2 billion in the first nine months of 2017; in 2016, it posted a net loss of $537 million on total revenue of $2.9 billion.
ADT has applied to list its shares on the NYSE under the ticker ADT; Morgan Stanley and Goldman Sachs Group are leading the offering.