Intercloud Systems decreases shares offered, proposed IPO deal size is now $5 million


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Intercloud Systems, which provides telecom infrastructure staffing and management services, lowered the proposed deal size for its upcoming IPO on Friday. The Red Bank, NJ-based company now plans to raise $5 million by offering 0.8 million shares at a price range of $5 to $7. The company had previously filed to offer 3.3 million shares at the same range. At the midpoint of the revised range, Intercloud Systems will raise 75% fewer proceeds than previously anticipated.

Intercloud Systems, which was founded in 1999 and booked $41 million in sales for the 12 months ended June 30, 2013, plans to list on the NASDAQ under the symbol ICLD. Aegis Capital is the sole bookrunner on the deal.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: News Headlines , IPOs

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