Calgary-based Smart Technologies said Monday it expects to price the shares in its initial public offering at between $16 and $18.
The maker of interactive white boards said it also plans to sell 35.3 million shares to raise $135 million, after it pays its investment bankers.
Smart boards are used in 100 countries, including at the Villanova School of Business in Radnor, Penn. (Smart Technologies) In a filing with the U.S. Securities and Exchange Commission, the firm said it will sell 8.8 million shares, while other stockholders who invested earlier in the private company, which was founded in 1987, will sell an additional 26.5 million shares.
Those investors include chipmaker Intel, Apax Partners and IFF Holdings Inc.
The company said it expects to use $59 million to repay debt and the rest for working capital. The shares will trade on the Toronto Stock Exchange.
Investment banks selling the issue include Morgan Stanley, Bank of America Merrill Lynch, Deutsche Bank Securities, RBC Capital Markets and Credit Suisse.
The interactive technology allow users to project images and data on an electronic screen, add notations, and share these on other terminals in a network in different locations.
The company manufactures its boards in Ottawa, employs 1,700 people in eight cities worldwide and sells in 100 countries.
Corrections and Clarifications
- An earlier version of this story stated 1,000 people were employed by Smart Technologies. In fact, it has 1,700 employees worldwide. June 28, 2010 |12:33 p.m. ET
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