SMART Technologies Sets IPO Terms

(Reuters) – Canada’s SMART Technologies expects its initial public offering of 35.3 million shares to be priced between $16.00 and $18.00 per share.

In an amended filing with the U.S. Securities and Exchange Commission, the maker of digital whiteboards said it plans to sell 8.8 million shares, while stockholders will sell an additional 26.5 million shares.

The company said it expects net proceeds of $135.0 million and plans to use $59 million to repay debt and the rest for working capital and general corporate purposes.

Calgary, Alberta-based SMART Technologies’ whiteboards can access the Internet, save and share work. Shareholders in the company include funds associated with Apax Partners [APAX.UL], chipmaker Intel Corp (INTC.O) and IFF Holdings Inc.

The company intends to list its shares on Nasdaq under the symbol “SMT” and on the Toronto Stock Exchange under the symbol “SMA”.

Underwriters for the offering include Morgan Stanley, Bank of America Merrill Lynch, Deutsche Bank Securities, RBC Capital Markets and Credit Suisse. (Reporting by Jochelle Mendonca in Bangalore; Editing by Maju Samuel)