Livermore's Performant Financial IPO Priced Below Expectations

LIVERMORE (CBS/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 company, which helps its government and private clients recover delinquent or defaulted assets, was selling 1.9 million shares. Selling shareholders were selling the remaining 7.1 million shares. The offering raised $81 million.

Performant planned 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.

(Copyright 2012 by CBS San Francisco. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)