Intercloud Systems sets terms for $20 million IPO
Intercloud Systems, a global provider of IT infrastructure management services, announced terms for its IPO on Monday. The Red Bank, NJ-based company plans to raise $20 million by offering 2.0 million shares at a price range of $9 to $11. At the midpoint of the proposed range, Intercloud Systems would command a fully diluted market value of $73 million. The company is currently traded on the OTC markets under the symbol ICLD.
Intercloud Systems, which was founded in 1999 and booked $28 million in sales for the 12 months ended March 31, 2013, plans to list on the NASDAQ under the symbol ICLD. Aegis Capital Corp. is the sole bookrunner on the deal.
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