Impinj seeks to raise $74 million in IPO
RFID service provider Impinj now hopes to raise as much as $74 million through its planned initial public offering, up from $60 million. According to a new filing with the Securities and Exchange Commission, Impinj plans for its stock to be priced between $12 and $14 a share.
This is the second go round for when it comes to the public markets. The Seattle-based provider of RFID technology hardware and software announced plans for a $100 million IPO in April of 2011. Fifteen months later it abandoned those plans and tapped private investors for $21 in additional funding.
Impinj plans to use $5 million of the IPO proceeds to pay down debt. According to its adjusted IPO filing, Impinj expects third quarter revenue of between $25.3 and $26.3 million, compared to $19.1 million for the third quarter of 2015. Impinj’s projected profitability could swing widely, from a gain of $400,000 to a loss of $1.8 million.
Impinj, which sold its 10 billionth chip last year, has worked hard in the last 24 months to reinvent itself as a software firm, rather than an RFID hardware provider. Its mission to be known for item intelligence includes a software offering that delivers enterprise-ready item intelligence solutions that simplify RAIN RFID processes including device management, data processing and tag encoding.
Impinj has raised more than $100 million since it was founded in 2000. The IPO is one wa for investor sto begin to recover their investment.，RFID Tag