Iona Technologies share offering wants to raise $60m

The Web services integration provider Iona Technologies is offering four million of its American Depository Shares at $15 each.

In case of any over-allotments, there will be an additional 600.000 share options granted to the underwriters.

These newly raised funds will be used for general corporate purposes. This share placement was substantially scaled down from the January proposal, when Iona wanted to issue five million new shares at $22.

This brought the amount of capital to be raised down from $110 million to $60 million.

However, market participants expect that Iona is going to use this additional cash for an acquisition, owing to an already positive cash flow.