SciQuest, Inc. (NASDAQ: SQI) said that it is commencing an underwritten public offering of 3,000,000 shares of common stock pursuant to an effective shelf registration statement.
The last reported sale price of the company´s common stock on March 21, 2014 was USD30.41 per share. The company also intends to grant the underwriters an option to purchase up to 450,000 additional shares of common stock.
The company expects to use the net proceeds from the offering for working capital and other general corporate purposes. J.P. Morgan Securities LLC and Stifel are acting as joint book-running managers for the offering. Canaccord Genuity Inc., JMP Securities LLC, Pacific Crest Securities LLC, Raymond James and Associates, Inc., William Blair and company, L.L.C., Barrington Research Associates, Inc. and Sidoti and company, LLC will be acting as co-managers.
SciQuest is a publicly held pure-play provider of cloud-based, business automation solutions for spend management, offering deep domain knowledge and a leading, customer-driven portfolio.