Bookrunners Barclays and William Blair fund general corporate purposes
By Devika Patel
Knoxville, Tenn., March 4 - Magic Software Enterprises Ltd. said the underwriters for its public offering of stock opted to exercise the deal's $7.65 million greenshoe in full for total proceeds of $58.65 million. The deal priced for $51 million with the greenshoe on Feb. 28.
The company sold 6.9 million ordinary shares at $8.50 apiece. The price per share is a 10.43% discount to the Feb. 27 closing share price of $9.49. Of the shares, 900,000 were part of the fully exercised greenshoe.
Barclays Capital Inc. and William Blair & Co., LLC were the joint bookrunners.
Proceeds will be used for general corporate purposes.
Based in Or Yehuda, Israel, Magic Software develops, markets, sells and supports an application platform and business and process-integration solutions.
| Issuer: | Magic Software Enterprises Ltd.
|
| Issue: | Ordinary shares
|
| Amount: | $58.65 million (including $7.65 million greenshoe)
|
| Shares: | 6.9 million
|
| Price: | $8.50
|
| Warrants: | No
|
| Bookrunners: | Barclays Capital Inc. and William Blair & Co., LLC
|
| Co-managers: | Maxim Group LLC and H.C. Wainwright & Co., LLC
|
| Pricing date: | Feb. 28
|
| Settlement date: | March 4
|
| Stock symbol: | Nasdaq: MGIC
|
| Stock price: | $9.49 at close Feb. 27
|
| Market capitalization: | $326.9 million
|
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