SciQuest filed new details of its proposed initial public offering, signaling that the deal is moving closer to getting done.
The Cary technology company disclosed in a regulatory filing this afternoon that it plans to sell up to 6.9 million shares at $9.50 to $11.50 each, raising about $56 million after expenses at the midpoint price range.
That information was missing when SciQuest first filed IPO plans in March.
Now that SciQuest has filed more data with the Securities and Exchange Commission, company officials can get serious about selling shares to large Wall Street investors, a process known as a "road show."
Investors' appetite for IPOs has started to return in recent months, especially for profitable tech companies with increasing revenue.
For the six months ended June 30, SciQuest reported that revenue rose to $20.7 million, up about 19 percent from the same period a year ago. Net income nearly doubled to $3.2 million.
SciQuest sells software and technology that helps universities, drug companies and other customers save money by buying products and services online.
CEO Stephen J. Wiehe is betting he can convince Wall Street to give his company another shot.
Founded in 1995, SciQuest first went public in 1999. But its shares tanked when the dot-com bubble burst and investors fled money-losing tech stocks.
In 2004, with a new business model and a new management team led by Wiehe, the company was bought by several investment firms, including Trinity Ventures of California and Intersouth Partners of Durham.
This time, SciQuest has filed to list its shares on the Nasdaq under the symbol "SQI."
The company employs more than 180 people and continues to hire. A successful IPO would enrich investors and executives but also attract renewed attention to this region as a hub for fast-growing tech businesses. It also would end a long dry spell for Triangle tech firms seeking IPOs.
Still, if Wiehe can't win enough fans on Wall Street or if the broader stock market slumps again, he could have trouble getting the per-share price he wants. In that case, he could postpone the IPO or look for another option, such as selling the company.
Read our March profile of Wiehe and his plans for SciQuest here.
Assistant Business Editor Alan M. Wolf joined the N&O in 1999 covering the business of health care. He became an editor in 2001, and helps oversee the paper's daily business coverage and Sunday Work&Money section. He lives in Clayton with his wife and two children. Reach him at 919-829-4572 or 
