SMART Technologies, which designs interactive technology products including its SMART Board for the education sector, announced terms for its IPO on Monday. The Canada-based company plans to raise $600 million by offering 35.3 million shares at a price range of $16-$18 with 26.5 million shares to be sold by insiders including private equity firm Apax Partners and Intel Corporation. At the mid-point of the proposed range, SMART Technologies will command a market value of $2.1 billion. SMART Technologies, which was founded in 2007 and booked $648 million in sales for the 12 months ended March 31, plans to list on the NASDAQ under the symbol SMT. Proceeds will be used to repay debt and for general corporate purposes. Morgan Stanley, Deutsche Bank Securities and RBC Capital Markets are the lead underwriters on the deal, which is expected to price during the week of July 12th.
