Local Tech Wire

CARY, N.C. – is a public company again, having successfully executed an initial public offering of stock on Thursday as expected.

Shares (Nasdaq: SQI) soared $2.21, or more than 28 percent, in the first hour of trading on the Nasdaq.

SciQuest had hoped to raise as much as $77 million. It ended up generating some $57 million, Bloomberg news reported.

SciQuest priced the shares at $9.50, the company said.

"SciQuest is offering 6,000,000 shares and certain selling stockholders have granted the underwriters the option to purchase up to an additional 900,000 shares at the initial public offering price to cover over-allotments, if any," SciQuest added in a statement issued Friday morning.

However, the stock sale Thursday generated less than the company hoped at $9.50 per share, according to data compiled by Bloomberg. SciQuest had hoped to sell at $11.50.

The company, which was backed by venture capital firm Intersouth Partners in Durham, is profitable, based on SEC filings.

Read SciQuest’s

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