Impinj, a US-based radio-frequency identification technology provider backed by several corporate investors, raised $67.2m on Wednesday when it priced its initial public offering at $14.00 per share.
The company issued 4.8 million shares, and the IPO underwriters have a 30-day option to buy another 720,000 shares, which would increase the size of the IPO to about $77.3m. It floated at the top of its $12 to $14 range.
Founded in 2000, Impinj produces technology that uses tag integrated-circuits to identify, track and locate items like clothing, medical supplies, auto parts, drivers licences, food and luggage, and then to send the data to businesses that manage, sell or transport them.
Impinj made a $900,000 profit in 2015 from revenue of $78.5m, up from $63.8m the previous year. It will use $5m of the proceeds to pay off a mezzanine credit facility that expires in 2020, and the rest for working capital.
The company had raised about $130m in equity funding and $6m in debt, according to press releases and regulatory filings, and its investors include consumer goods manufacturer Unilever, logistics firm UPS and chip manufacturer Intel.
Impinj secured $22m in a 2004 series C round featuring Unilever Technology Ventures and UPS Strategic Enterprise Fund, respective subsidiaries of Unilever and UPS, as well as Mobius Venture Capital and existing investors Arch Venture Partners, Madrona Venture Group and Polaris Venture Partners.
The series C investors were joined by GF Private Equity, VentureTech Alliance and Viterbi Group for a $26.5m round in 2005 and a $19m round in 2007. Intel took part in a $21m round in 2012 that included AllianceBernstein, Arch Venture Partners, GF Private Equity, Madrona, Mobius and Polaris.
Impinj previously filed for a $100m IPO in 2011 before withdrawing it the following year.
Intel owned an 8.1% stake in Impinj that was diluted to 5.9% in the IPO. Other significant shareholders include Arch Venture Partners (a 7.6% share post-IPO), Polaris (7%), Madrona (6.7%), Mobius (6.6%), GF Private Equity (5.1%) and AllianceBernstein (4.2%).
RBC Capital Markets, Piper Jaffray and Pacific Crest Securities, a division of KeyBanc Capital Markets, are joint book-running managers for the offering, while Needham & Company is lead manager and Canaccord Genuity co-manager.
Impinj’s stock opened at $18 yesterday on its first day of trading on Nasdaq and held steady to close at $17.97, an increase of more than 28% on its IPO price.
– Image courtesyy of Impinj, Inc.