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Dublin's Globoforce downsizes IPO

Friday, March 21 10:21:40

Dublin-based Globoforce, which provides cloud-based employee recognition software solutions to enterprises, lowered the proposed deal size for its upcoming Wall St IPO.

The company now plans to raise $53 million by offering 3.8 million shares (23pc insider) at a price range of $14 to $15, according to filings with NASDAQ.

The company had previously filed to offer 4.4 million shares at a range of $16 to $18. At the low end of the revised range, Globoforce will raise 29pc fewer proceeds than previously anticipated.

Globoforce, which was founded in 1997 and booked $187 million in sales for the fiscal year ended December 31, 2013, plans to list on the NASDAQ under the symbol THNX.

Globoforce initially filed confidentially on January 9, 2013. J.P. Morgan, Credit Suisse, UBS Investment Bank and Stifel are the joint bookrunners on the deal. It is expected to price tonight.