Adesto Technologies, a fabless provider of flash memory chips for Internet of Things devices, lowered the proposed deal size for its upcoming IPO on Thursday.
The Sunnyvale, CA-based company now plans to raise $42 million by offering 6 million shares at a price of $7. The company had previously filed to offer 4 million shares at a range of $10 to $12. At the new price, Adesto Technologies will raise 7% less in proceeds than previously anticipated and command a market cap of $121 million, 29% below its initial terms, and an enterprise value of $92 million.
Adesto Technologies, which was founded in 2006 and booked $41 million in sales for the 12 months ended June 30, 2015, plans to list on the Nasdaq under the symbol IOTS. Needham & Co. and Oppenheimer & Co. are the joint bookrunners on the deal. It is expected to price during the week of October 12, 2015.
