Credit: Shutterstock photoAdesto Technologies, which fabless provider of flash memory chips for Internet of Things devices, raised $25 million by offering 5 million shares at $5.00.
The company had originally filed to offer 4.1 million shares at a range of $10 to $12, then revised the offering to 6 million shares at a price of $7. Last Thursday, it decreased shares offered to 5 million at a price of $5. At the new price, Adesto Technologies raised 44% less in proceeds than originally anticipated and commands a market cap of $81 million, 53% below its original terms, and an enterprise value of $52 million.
Adesto Technologies plans to list on the Nasdaq under the symbol IOTS. Needham & Co. and Oppenheimer & Co. acted as lead managers on the deal.
The article Adesto Technologies prices IPO at $5.00, as expected originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
