SPS Commerce Inc. of Minneapolis plans to raise $26.1 million in its initial public offering, according to documents filed with the U.S. Securities and Exchange Commission on Monday.
SPS Commerce, which makes software that helps retailers and other companies manage their supply chain, will sell about 3.3 million shares of its common stock in the range of $11 to $13 a share. About $594,000 of the net proceeds will help pay down equipment loans, the company said.
The stock will be listed under the symbol "SPSC" on the Nasdaq Stock Market.
The company, once known as St. Paul Software Inc. before changing its name in 2001, said sales increased over the 36 consecutive quarters ending in December. Last year, revenue grew 23 percent to $37.7 million. The company's net income was nearly $1.2 million in 2009, up from a net loss of $1.9 million in 2008.
The underwriters in the initial public offering are Thomas Weisel Partners, William Blair & Co., Needham & Co. and JMP Securities.
WENDY LEE
