SciQuest's IPO in September was successful enough that the Cary company will seek more cash on Wall Street.
The technology company filed plans with the Securities and Exchange Commission late today to sell nearly 4 million shares.
SciQuest will sell 1 million new shares to raise more money for various purposes, including possible acquisitions. That move will dilute the value of existing shares, which could hurt the stock price, at least in the short term.
Shareholders, including venture capital firms that invested in SciQuest early on, will sell 2.9 million shares, cashing out some of their holdings. Those firms include Trinity Ventures of California and Intersouth Partners of Durham.
SciQuest sold shares in its initial public offering last fall at $9.50 each. Since then, the stock has climbed as its business steadily expands.
The stock closed today at $15.04, up 31 cents.
SciQuest sells software and services that help customers such as drug companies and universities save money by buying various products online. SciQuest employs 220 people and continues to hire.
In December, SciQuest used about $13 million of its IPO proceeds to buy a Texas company with technology that complements its e-procurement software and services. CEO Stephen Wiehe has said he will consider other deals as opportunities arise.
Wiehe joined SciQuest in 2001 and helped lead an investment group that took the company private in 2004. SciQuest held an IPO at the height of the dot-com boom in 1999, but its stock crashed as the tech bubble burst and losses mounted.
Last year, Wiehe received total compensation of $3.2 million, SciQuest reported in its SEC filing. That included a bonus of $2.2 million for orchestrating the company's second IPO last fall. Other top executives received smaller IPO bonuses from a total pool of $5.9 million.