Top Image Systems will offer 2.75 million ordinary shares at $4.75 a share for gross proceeds of $13.1 million. The company also granted underwriters a 30-day option to buy up to 412,500 additional shares to cover over-allotments. Top Image Systems expects the offering to close on Feb. 4.
The software company hopes to gain net proceeds of about $11.9 million from the sale of the ordinary shares. The company will use the proceeds for general corporate uses, which includes possible acquisitions.
Canaccord is the lead book running manager, with Roth Capital and The Benchmark Company serving as co-managers.