CPI Card Group (CPI), the 5th largest payment card manufacturer worldwide, raised $150 million in its initial public offering (IPO) on October 9, 2015 on Nasdaq in the U.S. and the Toronto Stock Exchange in Canada. As of December 3, CPI had an equity market capitalization of $562 million. CPI operates seven facilities in North America and two in the U.K. The U.S. debit and credit segment manufactures payment cards and offers personalization services. It accounts for 55% of CPI’s total revenue. The U.S. prepaid segment provides cards, packaging, personalization, and fulfillment services. I...