October 24, 2007 / 3:11 PM / 11 years ago

UPDATE 1-ICx sees IPO of 5 mln shares at $17-$19 each

(Adds details)

Oct 24 (Reuters) - ICx Technologies Inc, which makes sensing technology used in surveillance devices, on Wednesday registered its initial public offering of five million shares at an estimated price of $17 to $19 per share.

The company said it expects net proceeds of about $74.9 million, which it plans to use for general corporate purposes, including working capital and expansion of its sales and marketing organizations.

In an amended filing with the U.S Securities and Exchange Commission, the company said Lehman Brothers Inc is acting as the representative of the underwriters and sole book-running manager.

ICx said it had granted underwriters a 30-day option to buy up to an additional 750,000 shares from it or affiliates of Wexford Capital LLC, its principal stockholders.

Assuming about 33.5 million shares outstanding after the offering and the mid-point of the estimated range, ICx’s estimated initial market capitalization is about $602.5 million.

For the first half of 2007, ICx had reported a net loss of $16.5 million and forecast a net loss of $5.8 million to $7.8 million for the quarter ended Sept. 30.

The Arlington, Virginia-based company said it applied for a Nasdaq listing under the symbol “ICXT.” (Reporting by Sayantani Ghosh in Bangalore)

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