Pursuits
Smart Technologies Raises $660 Million in U.S. IPO
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Smart Technologies Inc., which has produced interactive whiteboards used in classrooms for almost two decades, raised $660 million in the second-biggest initial public offering in the U.S. this year.
The Calgary-based company priced 38.8 million Class A shares at $17 each yesterday after offering 35.3 million for $16 to $18, according to a statement and a Securities and Exchange Commission filing. Smart Technologies will receive 23 percent of proceeds. Selling shareholders including Intel Corp. and Apax Partners will get the rest, reaping a more than sixfold gain on average, the statement and filing show.