Proceeds used to repay $34 million of convertible promissory notes
By Devika Patel
Knoxville, Tenn., Oct. 14 - Ubiquiti Networks, Inc. said it priced a $35.93 million initial public offering of its stock. The deal was announced Thursday and has a $15.84 million greenshoe.
The company will sell up to 2,395,328 common shares at $15.00 per share.
The deal is being conducted by joint bookrunning managers UBS Securities LLC, Deutsche Bank Securities Inc. and Raymond James & Associates, Inc. Pacific Crest Securities LLC and ThinkEquity LLC are the co-managers.
Proceeds will be used to repay $34 million of the company's convertible subordinated promissory notes.
The San Jose, Calif., company designs, manufactures and sells a portfolio of wireless broadband networking products. It expects the shares to begin trading on the Nasdaq Friday under the symbol "UBNT."
| Issuer: | Ubiquiti Networks, Inc.
|
| Issue: | Common stock
|
| Amount: | $35,929,920
|
| Greenshoe: | $15,836,010
|
| Shares: | 2,395,328
|
| Price: | $15.00
|
| Warrants: | No
|
| Bookrunners: | UBS Securities LLC, Deutsche Bank Securities Inc. and Raymond James & Associates, Inc.
|
| Co-manages: | Pacific Crest Securities LLC and ThinkEquity LLC
|
| Announcement date: | Oct. 13
|
| Pricing date: | Oct. 14
|
| Stock symbol: | Nasdaq: UBNT
|
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