QlikTech Investors Go Back Down to Wall Street for More Money
December 6, 2010 Timothy Prickett Morgan
Having done a very successful initial public offering back in July, the backers behind Qlik Technologies are going back in for a second offering to cash in their investment in the company. Last Monday, QlikTech announced that its backers have a secondary offering of its shares on the NASDAQ market, with its owners offering 10 million shares of common stock and letting the underwriters of the stock push another 1.5 million shares if they were received with enthusiasm by investors. On Friday, the Radnor, Pennsylvania, company said it could do better than that and expected its venture capital backers to sell 11.5 million shares at $23 a pop, raising $264.5 million. The underwriters have been authorized to sell another 1.725 million shares on the market within 30 days of this secondary offering, if they so choose, which would raise around $40 million at about the same striking price. According to a report in the Wall Street Journal, Accel Europe and Jerusalem Venture Partners are the main backers of QlikTech that are selling their stakes, which will drop to 16 percent each after the secondary offering. It is important to note that QlikTech is not getting any of the proceeds from these offerings of its stock. When QlikTech went public back in July, the company owned 11.2 million of its own shares for $10 a piece, raising $112 million. The company currently has 77 million shares outstanding and as the market closed on Friday last week, QlikTech had a market capitalization of $1.82 billion. That’s not too bad for a company that had $157.4 million in revenues and $6.9 million in net income in 2009. RELATED STORIES Qlik Technologies to Take Itself Public QlikTech Ships BI Client for Google Android Phones QlikTech Continues BI Industry Leadership with QlikView 9 QlikTech Develops a BI Client for iPhone BI Vendor QlikTech Celebrates Success QlikTech Aims to Ease Large BI Roll-Outs QlikView Saved Candle Maker Millions QlikTech Targets iSeries Base with Business Intelligence App
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