UBIC, a provider of Asian-language software-based eDiscovery services, lowered the proposed deal size for its upcoming IPO on Wednesday. The Tokyo, Japan-based company now plans to raise $9 million by offering 1.1 million shares at a price range of $7.50 to $9.50. The company had previously filed to offer 2.4 million shares at the same range. At the midpoint of the revised terms, UBIC will raise 54% fewer proceeds than previously anticipated.
UBIC, which was founded in 2003 and booked $49 million in sales for the year ended December 31, 2012, plans to list on the NASDAQ under the symbol UBIC. UBIC initially filed confidentially on May 24, 2012. Primary backers include founder, Chairman and CEO Masahiro Morimoto (20.3% stake after the offering), Focus Systems (8.8%), CoOO Naritomo Ikeue (8.0%) and Japan Trustee Services Bank (7.9%). Maxim Group and The Benchmark Company are the joint bookrunners on the deal.
