SciQuest to sell 3 million shares in public offering

Posted by David Bracken on March 25, 2014 

SciQuest shares have fallen 8 percent this week after the Cary company announced plans to sell 3 million shares of stock to the public, which at its current stock price would raise about $90 million.

The Cary company said it plans to use the proceeds for working capital and general corporate purposes. The underwriters of the offering also have the option to purchase up to 450,000 additional shares.

SciQuest shares closed Tuesday at $27.95, down $1.61. The stock is down 2 percent this year.

SciQuest’s procurement technology allows customers to more efficiently buy goods and services online. Last year, the company reported non-GAAP revenue of $93.1 million, up 37 percent from 2012.

Net income last year was $8.8 million, or 38 cents per share, compared to $5.5 million, or 24 cents per share, in 2012.

The company ended 2013 with $19.1 million in cash.

SciQuest forecasts that revenue will be between $108 million and $113 million this year.

News & Observer is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere in the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.

Commenting FAQs | Terms of Service