SciQuest on Thursday announced that it plans to sell 3 million shares to the public at a price of $26.75 per share.
At that price, SciQuest would raise about $80 million from the offering. The Cary company plans to use the proceeds for working capital and general corporate purposes. The underwriters also have the option to purchase up to 450,000 additional shares.
The $26.75 price is 14 percent below where SciQuest’s shares began trading Monday morning, when the Cary company announced the stock sale.
SciQuest's procurement technology allows customers to more efficiently buy goods and services online. The company ended 2013 with $19.1 million in cash.