Smart Technologies, a Canada-based maker of interactive education products with 48% of the global market, plans to float on the Nasdaq and Toronto stock exchanges. Smart’s flotation could raise up to $730.7m for shareholders and the company.
Apax Partners acquired 49.9% Smart Technologies in 2007 for an enterprise value of $889m. Intel Capital owns 25.05% having sold some shares to Apax after forming a strategic alliance with Smart in 1992.
Smart’s cofounders, David Martin and Nancy Knowlton together through their IFF vehicle for holding their shares, own the remaining stake. Under a capital restructure last month, Intel and Apax will be able to sell their shares.
The company had $648m in revenue for the 12 months to March 30, up 38.4% from the previous financial year, with net income of $142m.
Morgan Stanley, Deutsche Bank and RBC Capital Markets are co-lead underwriters on the flotation.