Intercloud Systems, which provides telecom infrastructure staffing and management services, revised the terms for its upcoming IPO on Tuesday. The Red Bank, NJ-based company now plans to raise $20 million by offering 3.3 million shares at a price range of $5 to $7. The company had previously filed to raise the same amount by offering 2.0 million shares at a range of $9 to $11.
Intercloud Systems, which was founded in 1999 and booked $41 million in sales for the 12 months ended June 30, 2013, plans to list on the NASDAQ under the symbol ICLD. Aegis Capital is the sole bookrunner on the deal. It is expected to price during the week of September 30, 2013.
