Kofax Begins Trading on NasdaqThursday, December 5, 2013
Irvine-based business software maker Kofax Ltd. began trading on the Nasdaq exchange Thursday after pricing its shares as part of its listing in the U.S.
The company’s initial public offering of 2 million shares is priced at $5.85 per share and expected to close Dec. 10.
Kofax underwriter Craig-Hallum Capital Group LLC has a 30-day option to purchase up to an additional 300,000 shares.
Kofax will trade under the symbol KFX on the Nasdaq Global Select Market.
The company will maintain a dual listing on the London Stock Exchange, where it will begin trading tomorrow under a new symbol KFX.L.
The IPO marks the end of long awaited listing in the U.S. as Kofax management wrestled with the idea for years but put off the move in the economic recovery citing market uncertainty.
The company moved its operational base to Irvine in 2008.
Its scanning software is used by businesses to streamline the flow of information, eliminate paper, speed productivity, reduce costs and improve customer service.
Kofax posted operational income of $25.1 million on record revenue of $266.3 in the 12 months through June, the end of its fiscal year.
It’s the county’s seventh-largest software maker, with 274 local employees, according to Business Journal research. It employs about 1,250 people in 32 countries companywide.
The company is expected to have a market value of about $481 million to $597 million, with some 91.6 million shares outstanding following the offering.
Kofax projects to raise about $7.7 million through the IPO after fees and other costs. The proceeds will be invested in short-term bank deposits or interest-bearing, investment-grade securities, the company said in regulatory filings.
Chief Executive Reynolds Bish celebrated the new era for the company by ringing the opening bell this morning at Nasdaq MarketSite in Times Square.