Health care and student loan collection agency Performant Financial Corp., formerly known as Diversified Collection Services, announced terms for an Initial Public Offering expected as soon as next Monday.
 
The Livermore, Calif.-based company plans to raise $150 million by offering 11.5 million shares at a price range of $12 to $14. At the midpoint of the proposed range, Performant Financial would command a fully diluted market value of $656 million. The company will trade on the NASDAQ exchange under the ticker symbol PFMT.

Performant, founded in 1976, late last year said it had nearly 1,300 employees in California, Florida, Texas, Pennsylvania and Oregon.

Performant booked $174 million in sales for the 12 months ended March 31, reported net income of $2.5 million on revenue of $45.9 million for the first quarter ended March 31, according to an SEC filing this week. For the full year 2011, Performant reported revenues of $163 million.

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