SciQuest (Nasdaq: SQI) shares dropped some 5 percent early Thursday after the company set a price of $26.75 per share in an offering of some 3 million.

SciQuest dropped $1.25 from Wednesday’s close of $26.98 before rallying. Shares finished the day at $26.36.

On Friday, SciQuest traded at $30.41.

The underwriters of the offering have a 30-day option to purchase up to another 450,000 shares. 

SciQuest formally announced the offering after the markets closed Monday.

Shares in the online procurement services firm have traded between $18.10 and $32.69 over the past year.

 J.P. Morgan Securities LLC, Stifel, Canaccord Genuity, JMP Securities, Pacific Crest Securities, Raymond James & Associates, William Blair & Company, Barrington Research Associates and Sidoti & Company are handling the offering.