SciQuest to sell 3 million shares in public offering

03/25/2014 10:19 AM

02/15/2015 10:44 AM

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.

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