US buyout firms General Atlantic and Quadrangle Group have raised more than $200 million by floating online recruitment business Dice, demonstrating the strength of investor appetite for technology public offerings.
Dice raised $217 million (€157 million) by selling 16.7 million shares on the New York Stock Exchange at $13 per share, the top of its expected price range. This values the company at just over $800 million.
The stock opened at $14.50 and traded as high as $14.98, before closing the week on $13.55, up 4.2 percent.
The flotation represents a successful turnaround for General Atlantic and Quadrangle, who bought the business out of bankruptcy protection in January 2005.
The two firms, which previously shared a 66 percent stake, have retained a majority holding in the business. In total the existing shareholders sold off 10 million shares in the flotation, while Dice itself sold the remaining 6.7 million shares. A 2.5 million over-allotment option is also available to the underwriters.
Dice, which operates specialist recruitment websites for technology, government and finance professionals, plans to use the proceeds of the offering to repay some of its $32 million debt, with the remainder to be used as working capital.
Credit Suisse and Morgan Stanley acted as joint book-runners on the flotation, while JP Morgan, Lehman Brothers and Jefferies were co-managers.