Medidata Solutions, a software company that makes products for biotech firms, said Wednesday that it was hoping to raise as much as $86.3 million in an initial public offering expected to come to market this month.
The company set its expected price range at $11 to $13 for each of the 6.3 million shares it plans to sell in the I.P.O. One of deal’s underwriters told Reuters that the shares should price on June 17 and begin trading the following day.
Citigroup and Credit Suisse are serving as lead underwriters on the deal.
The I.P.O., which would be the third by a United States software firm this year, after Rosetta Stone and SolarWinds, will not mean an exit for Medidata’s investors. Venture firms that have put cash into the company, including Insight Venture Partners, Milestone Venture Partners and Stonehenge Capital, will not unload shares in the offering, VentureBeat noted. The company has raised $12.6 million from its V.C.’s.
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