Impinj, Inc. raised $77.3 million in its upsized initial public offering at $14.00 per share. Needham acted as a lead manager on the transaction. The Company’s underwriters fully exercised their option to purchase an additional 720,000 shares of common stock at the initial public offering price to cover over-allotments. The net proceeds from the sale of the shares will be used by Impinj, Inc. to repay $5.0 million of indebtedness under the mezzanine credit facility and the remainder will be used for working capital and other general corporate purposes.
Impinj (NASDAQ: PI) is a leading provider of RAIN RFID solutions. The Impinj Platform connects billions of everyday items such as apparel, medical supplies, automobile parts, drivers’ licenses, food and luggage to applications such as inventory management, patient safety, asset tracking and item authentication, delivering real-time information to businesses about items they create, manage, transport and sell. The Impinj Platform wirelessly delivers information about these items’ unique identity, location and authenticity, or Item Intelligence™, to the digital world, which Impinj believes is the essence of the Internet of Things.