The mortgage-technology company is being spun out of publicly traded title insurer Fidelity National Financial (FNF).
Fidelity National will control at least 55% of the voting shares of the company, while a private-equity firm, Thomas H. Lee Partners, will have a 27% voting stake.
At the midpoint of proposed price range of $22-$25, Black Knight, which will trade under the ticker BKFS, would have a market capitalization of $3.5 billion. That will make it the fifth-largest IPO this year.
The stock offering would represent a bit of “Back to the Future” moment for Fidelity and Black Knight, the company formerly known as Lender Processing Services.
Lender Processing Services was originally spun off from a separate Fidelity spin-off, Fidelity National Information Services, Inc. (FIS), in July 2008.
Fidelity brought Lender Processing Services back into the fold just about one year ago, when it acquired LPS for $2.9 billion. "We are excited to consummate the LPS acquisition and bring its market-leading technology solutions and services back into the FNF family," FNF Chairman William Foley said at the time.
For the fourth straight quarter, Fidelity National Financial saw its revenue rise over the previous year’s total.
The title insurance giant reported total revenue of approximately $1.6 billion in the first quarter of 2015, up from $1.4 billion in the first quarter of 2014.
Although the first quarter marked the fourth straight quarter that Fidelity’s revenue rose year-over-year, the first quarter’s revenue total of $1.6 billion breaks a streak that saw the company report revenue of $1.7 billion in three straight quarters.