Liberty Tax Service planning an IPO
- September 6, 2011
The parent company of Virginia Beach-based Liberty Tax Service is taking steps toward offering publicly traded stock.
JTH Holding Inc. has filed a registration statement with the Securities and Exchange Commission for a proposed initial public offering of its Class A common stock for as much as $90 million. JTH Holding is the parent company of JTH Tax Inc., which does business as Liberty Tax Service.
The company has not yet determined number of shares to be offered or the price range for the offering. The company will issue and sell some of the stock while another portion will be sold by some current Liberty Tax stockholders.
The book-running managers of the proposed offering will be Jefferies & Co. Inc. and SunTrust Robinson Humphrey.
Liberty Tax Service is major tax preparation service in the U.S. and Canada. It has nearly 3,900 retail tax offices.
The company started in 1997 when John Hewitt, the co-founder of the Jackson Hewitt Tax Service, acquired U&R Tax Depot, a Canadian tax service franchisor. The company became Liberty Tax Service the following year and opened five offices in the U.S.