Integrated Alarm increases IPO, again
June 5, 2003
ALBANY, N.Y. - Wholesale monitoring company Criticom, under the name Integrated Alarm Services Group, on Monday filed paperwork that would increase the number of shares of the company's initial public offering.
The increase, to14.3 million common shares from 14 million, raises the companyÃ¢â‚¬â„¢s expectations of what the IPO will raise to between $143 million to $171.6 million, according to a company filing with the Securities and Exchange Commission. Net proceeds of the offering, about $118 million, will likely be used to pay down debt and to continue purchasing portfolios of accounts.
This is the second time the company has bumped up the number of shares it intends to offer since it first filed papers to go public in November 2002. In January, the offering was increased from 10 million shares to 13 million.
According to the filing, the company's strategy includes the purchase of 100,000 accounts in 2003, with letters of intent to acquire 17,000 contracts, enter into dealer loans with 4,000 contracts as collateral and purchase dealer relationships for monitoring 32,500 alarms.
New underwriters of the offering include Stifel, Nicolaus & Co. and Wells Fargo Securities.