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Synacor Prices IPO Of 6.82 Mln Shares At $5/share, At Low End Of Range

Synacor Inc., a provider of authentication and aggregation solutions for delivery of online content and services, announced the pricing of initial public offering of 6.82 million common shares at $5.00 per share, at the low end of its revised estimate between $5 and $6 per share.

In January, the company at first expected a price range of $10 to $12 per share. But the target dropped sharply to between $5 and $6 in a filing mid-Thursday with the U.S. Securities and Exchange Commission.

Of the shares of common stock to be sold in the offering, Synacor is offering 5.45 million shares, and selling stockholders are offering 1.36 million shares.

In addition, Synacor and certain of its stockholders granted underwriters a 30-day option to buy additional 1.02 million common shares. The company said that it will not receive proceeds from the sale of shares by selling stockholders.

The shares are expected to begin trading on The NASDAQ Global Select Market on February 10, 2012 under the ticker symbol "SYNC."

The lead book-running managers of the offering are BofA Merrill Lynch and Citigroup Global Markets, Inc. Stifel Nicolaus Weisel, BMO Capital Markets, Needham & Company, LLC and Oppenheimer & Co. are acting as co-managers.

by RTTNews Staff Writer

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