Note: The Skinny blog is written by Rick Smith, editor and co-founder of Local Tech Wire and business editor of WRAL.com.
CARY, N.C. – is scheduled to return to the public markets on Friday, website IPOScoop reports.
The Cary-based company that provides online procurement software and services is looking to sell 6.9 million shares at a price between $9.50 and $11.50.
SciQuest has been planning its IPO and promoting it with a road show led by company execs for several months. Privately held and owned in part by venture capital firm Intersouth Partners in Durham, SciQuest hopes to raise $79 million.
Of the shares, 900,000 are set aside for the underwriters handling the stock offering.
The company disclosed its IPO plans in March with a target raise of $75 million.
SciQuest shares would trade on the NASDAQ under the symbol SQI.
Founded in 1995 as a provider of scientific and lab equipment, SciQuest. In 1999 at the height of the “dot com” boom, SciQuest went public for some $120 million.
However, after the “dot com” crash, SciQuest changed its business strategy to become a software-as-a-service provider and went private in 2004 with backing from Intersouth and Trinity Ventures.
Under the direction of Chief Executive Officer Stephen Wiehe, who joined the company in 2001, SciQuest has completely refocused its business to become a software-as-a-service provider.
The company is profitable, having earned $2.63 million on revenues of $36.2 million last year.
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