Radio Frequency Identification technology maker Impinj said it has closed a “follow-on” public offering that netted the company $38.7 million.
That is in addition to its initial public offering earlier this year, where Impinj raised a net of $69.2 million after removing costs and underwriter discounts. Impinj shares spiked on the news of the completed follow-on offering, rising about 25 percent Wednesday, to close at nearly $37 per share. That is just short of the company’s high watermark at the end of September.
Investors who got in on the ground floor have been rewarded as Impinj’s stock shot up right out of the gate following its IPO in July. Impinj priced IPO shares at $14, and its stock rose 20 percent on the first day and was up 66 percent on the eve of its first earnings report. Impinj has since gone two-for-two in beating Wall Streets earnings expectations. Follow-on stocks didn’t come cheap as Impinj wanted close to double the IPO price at $27 per share.
Impinj said it sold more than 4 million shares of stock in the follow-on offering, including 527,380 shares that underwriters had options to purchase. A good chunk, about 2.5 million shares, came from current stockholders selling their stakes, and Impinj said it did not count those figures in its proceeds.