Liquid Holdings Group, which provides an integrated, on-demand software platform for small hedge funds, lowered the proposed deal size for its upcoming IPO on Wednesday. The New York, NY-based company now plans to raise $42 million by offering 4.2 million shares at a price range of $9 to $11. The company had previously filed to offer 5.0 million shares at the same price range. At the midpoint of the revised range, Liquid Holdings Group will raise 16% fewer proceeds than previously anticipated.
Liquid Holdings Group, which was founded in 2012 and booked $4 million in sales for the 12 months ended March 31, 2013, plans to list on the NASDAQ under the symbol LIQD. Liquid Holdings Group initially filed confidentially on December 11, 2012. Sandler O'Neill is the sole bookrunner on the deal. It is expected to price during the week of July 22, 2013.
