US-based research technology company Intermolecular priced its initial public offering (IPO) at $10.00 per share on Friday, below the expected price range of $12 to $14. The IPO raised $96.5m, $52.8m going to Intermolecular and $36.9m to selling shareholders after discounts and commissions.
Investors in Intermolecular include life sciences company Symyx Technologies, which merged with software corporation Accelrys last year. Symyx invested a total of about $2.5m in Intermolecular’s $20m series D and $15m series E round, and sold its entire stock in the company in the flotation, receiving $9.30 per share after costs, raising $36.3m.
Bioprocess systems manufacturer ATMI also received a significant portion of the proceeds, having invested about $16.7m in Intermolecular’s series D and E rounds. ATMI did not sell any of its 3.9 million shares in the flotation.
Additional investors in Intermolecular include venture capital firms CMEA Capital, Redpoint Ventures and US Venture Partners.
Intermolecular’s stock on the Nasdaq exchange closed at $9.50 at the end of the first day of trading, although this bounced back to the $10.00 opening price in yesterday’s trading.