Sky Technologies, which provides universal power-plug devices for light fixtures and ceiling fans, raised $23 million by offering 1.7 million shares at $14, above the range of $11 to $13. The company offered 0.2 million more shares than anticipated. The IPO float is just 2.0% of the basic shares outstanding.
Sky Technologies states that it has a series of highly disruptive advanced-safe-smart platform technologies, with over 60 US and global patents and patent pending applications. Its first-generation technologies enable safe and quick installation of light fixtures, ceiling fans, and other electrically wired products through the use of universal power-plug devices. The company also offers devices with advanced smart capabilities including scheduling, energy savings eco mode, dimming, back-up emergency light, night light, and light color changing that can be controlled by voice control and its SkyHome app.
The Johns Creek, GA-based company plans to list on the Nasdaq under the symbol SKYX. The Benchmark Company acted as sole bookrunner on the deal.
