Integrated Alarm stock goes on sale
July 24, 2003
ALBANY, N.Y. - Integrated Alarm Services Group went public today at an asking price of $9.25, which is on the lower end of the companyÃ¢â‚¬â„¢s projected range.
As of mid-day, the price of the stock, which trades under the ticker symbol IASG on the Nasdaq, had risen to $9.50.
IntegratedÃ¢â‚¬â„¢s IPO is the first in the security industry since Verint Systems Inc. went public in 2002, and could be used as a measuring stick for the security industry, according to Jack Mallon of Mallon Capital. As a whole, he said, the IPO market has been soft, but has experienced a bit of a rebound in the last two months.
Integrated initially filed its intent to go public with the Securities and Exchange Commission in November 2002. Since then, the company upped the number of shares it planned to offer five times.
Stock underwriter Friedman Billings Ramsey told Reuters that Integrated raised $203.5 million Wednesday in its initial public offering, the day before the stock began trading on the Nasdaq.