Integrated Alarm ups IPO size, sets mid-July target
By SSN Staff
Updated Thu July 3, 2003
July 3, 2003
ALBANY, N.Y. - Integrated Alarm Services Group increased the size of its proposed initial public offering and set mid-July as its goal for that offering.
This week the company filed an amendment to the stock registration statement it first filed with the Securities and Exchange Commission in mid-November 2002. This latest amendment was the fifth in nearly eight months and second in the month of June.
The company now plans to increase the number of stocks it will offer to 22 million, up from the 14.3 million it indicated in a June 2 filing. If the stock prices in the $9 to $11 range the company anticipates (down from the previous estimate of $10 to $12), the offering could net the company more than $200 million.
In its original filing with the SEC, Integrated Alarm indicated its intent to sell 10 million shares to raise $96 million.
Integrated Alarm’s delays may be a sign of the times, according to IPO Monitor, a Los Angeles-based consulting and analyst firm. In the six months from Dec. 11, 2002, to June 11, 2003, there were only 12 IPOs, raising a total of about $1.6 billion. By comparison, in all of 2002, there were 81 IPOs, which raised a total of $37 billion.
Once Integrated Alarm has completed its IPO, the company’s stock will trade under the symbol IAGS on the Nasdaq.
Comments