Impinj outlines details of IPO as shares soar
Impinj has provided details on the pricing of its initial public offering (IPO). The company is a provider of solutions for identifying, locating and authenticating everyday items using RAIN RFID. A month ago, the company had filed a registration statement with the U.S. Securities and Exchange Commission for the proposed initial public offering of its common stock.
The IPO concerns 4,800,000 shares of common stock at a price to the public of $14.00 per share. Additionally, Impinj has provided the underwriters with a 30-day option to buy up to an additional 720,000 shares of common stock.
Impinj traded on the NASDAQ Global Select Market under the symbol “PI” on July 21. The offering is expected to close on July 26, 2016, subject to customary closing conditions. At the time of publication it was priced at $20.85, up 6.59% having previously closed at $19.56.
RBC Capital Markets, Pacific Crest Securities, a division of KeyBanc Capital Markets, and Piper Jaffray are acting as joint book-running managers for the offering. Needham & Company is acting as lead manager and Canaccord Genuity is acting as co-manager.
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