EXA, a US-based provider of simulation software and services for vehicle manufacturers, raised $62.5m in its Nasdaq stock exchange flotation.
The company priced 6.25 million common shares at $10 each, which was below its planned $11 to $13 range and for an initial market capitalisation of $132m.
EXA’s shareholders include mutual fund manager Fidelity’s Ventures unit with a 46.7% stake and venture capital firm Boston Capital Ventures (39.5%).