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September 24, 2010

SciQuest Shares End Opening Day Up 29%

CARY, N.C. – Trading under the symbol SQI, shares in the Cary-based company soared more than 40 percent, or $3.83, in early afternoon trading. Nearly 2.4 million shares traded hands.

Shares (Nasdaq: SQI) soared $2.21, or more than 28 percent, in the first hour and kept on rising.

They ended the day up $2.77 to close at $12.27, a 29 percent jump for the day.

More than 3.1 million shares were traded.

Interestingly, SciQuest had trouble getting the initial public offering out the door, pricing 6 million shares at $9.50 after aiming for a $9.50 to $11.50 range.

SciQuest had hoped to raise as much as $77 million. It ended up generating some $57 million, Bloomberg news reported.

SciQuest priced the shares at $9.50, the company said in an announcement Friday morning.

“SciQuest is offering 6,000,000 shares and certain selling stockholders have granted the underwriters the option to purchase up to an additional 900,000 shares at the initial public offering price to cover over-allotments, if any,” SciQuest added in a statement issued Friday morning.

However, the stock sale Thursday generated less than the company hoped at $9.50 per share, according to data compiled by Bloomberg. SciQuest had hoped to sell at $11.50.

The company, which was backed by venture capital firm Intersouth Partners in Durham, is profitable, based on SEC filings.

Also invested in SciQuest is River Cities Capital, which has an office in the Triangle.

Copyright 2010 Local Tech Wire. All rights reserved.

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