Globoforce downsizes IPO and lowers price range; proposed deal size is now $53 million
Globoforce, which provides cloud-based employee recognition
software solutions to enterprises, lowered the proposed deal size
for its upcoming IPO on Thursday. The Dublin, Ireland-based
company now plans to raise $53 million by offering 3.8 million
shares (23% insider) at a price range of $14 to $15. The company
had previously filed to offer 4.4 million shares at a range of
$16 to $18. At the low end of the revised range, Globoforce will
raise 29% fewer proceeds than previously anticipated.
Globoforce, which was founded in 1997 and booked $187 million in sales for the fiscal year ended December 31, 2013, plans to list on the NASDAQ under the symbol THNX. Globoforce initially filed confidentially on January 9, 2013. J.P. Morgan, Credit Suisse, UBS Investment Bank and Stifel are the joint bookrunners on the deal. It is expected to price tonight.