Flow International raises $16.4 million through public offering of common shares

Thu. September 10, 2009; Posted: 03:17 AM

Sep 10, 2009 (Datamonitor Financial Deals Tracker via COMTEX) -- FLOWE | Quote | Chart | News | PowerRating -- Flow International Corporation, a US-based developer and manufacturer of ultrahigh-pressure (UHP) water pumps and systems, has completed its public offering of 7.82 million common shares at a price of $2.1 per share raising gross proceeds of $16.4 million.

Announcement (September 1, 2009):

Flow International has priced its public offering of 7.82 million common shares at a price of $2.1 per share.

Flow International has granted the underwriter an option to purchase up to an additional 1.17 million shares of common stock.

Earlier on the same day, Flow International has planned to offer 9 million shares of common stock through a public offering.

Roth Capital Partners, LLC is acting as the sole underwriter for the offering.

The offering is expected to close on or around September 8, 2009.

Deal Value (US$ Million) 16.4
Deal Type                IPO
Sub-Category             Secondary Offering
Deal Status              Completed: 2009-09-08

Deal Participants

Target (Company) Flow International Corporation

Deal Rationale

Flow International intends to use the net proceeds from this offering for the repayment of debt under its credit facility and for general corporate purposes.

Offer Price ($ per share) 2.1
No. Shares Issued         7825000

For full details for FLOWE click here.

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