Vienna-based security software company Alarm.com's initial public offering this week could go as high as $112.9 million according to forms filed with the SEC. That's big step up from the $75 million the company initially estimated for its upcoming Nasdaq IPO. The 7 million shares will sell for between $13 and $15, with 525,000 more shares coming from existing shareholders.
The company was bought out by ABS Capital Partners for $27.7 million from Microstrategy in 2009 and raised $136 million in 2012 from Technology Crossover Ventures. It was not long after that that rumors of building to an IPO began.
Alarm.com's smartphone-based security management software may look more appetizing to investors as the Internet of Things grows in popularity. Remote management of security, lights, energy and other home systems is the kind of tool that got Samsung to buy SmartThings for $200 million last year.
There are around 2.3 million Alarm.com subscribers. Most of them are residential clients but some restaurants and other companies use the software too. The company said the proceeds of going public will go toward general working purposes.
