Intercloud Systems, which provides telecom infrastructure staffing and management services, lowered the proposed deal size for its upcoming IPO on Friday. The Red Bank, NJ-based company now plans to raise $5 million by offering 0.8 million shares at a price range of $5 to $7. The company had previously filed to offer 3.3 million shares at the same range. At the midpoint of the revised range, Intercloud Systems will raise 75% fewer proceeds than previously anticipated.
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.
