TROY, Mich., Oct. 31, 2017 (GLOBE NEWSWIRE) -- Altair Engineering Inc. (NASDAQ:ALTR) today announced the pricing of its initial public offering of 12,000,000 shares of its Class A common stock at a price of $13.00 per share, for a total offering size of $156 million. Of these shares, 8,065,004 are being offered by Altair and 3,934,996 are being offered by selling stockholders. The shares are expected to begin trading on the NASDAQ Global Select Market under the ticker symbol “ALTR” on November 1, 2017, and the offering is expected to close on November 3, 2017. In addition, Altair has granted the underwriters a 30-day option to purchase up to an additional 1,800,000 shares of Class A common stock at the initial public offering price, less the underwriting discount, to cover over-allotments, if any.
J.P. Morgan Securities LLC, RBC Capital Markets, LLC and Deutsche Bank Securities Inc. are acting as bookrunners for the proposed offering. William Blair & Company, L.L.C. and Canaccord Genuity Inc. are acting as co-managers for the proposed offering.
The offering will be made only by means of a prospectus. A final prospectus for the offering, when available, may be obtained from J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (866) 803-9204; RBC Capital Markets, LLC, attention: Equity Syndicate, 200 Vesey Street, 8th Floor, New York, NY 10281-8098, or by email to email@example.com, or by telephone at (877) 822-4089; or Deutsche Bank Securities Inc., Attn: Prospectus Group, 60 Wall Street, New York, NY 10005, by telephone at (800) 503-4611, or by email to prospectus.CPDG@db.com.
A registration statement relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission (SEC). Copies of the registration statement can be accessed through the SEC's website at www.sec.gov. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Altair is focused on the development and broad application of simulation technology to synthesize and optimize designs, processes and decisions for improved business performance. With more than 2,000 employees, Altair is headquartered in Troy, Michigan, USA and operates 68 offices throughout 24 countries. Today, Altair serves approximately 5,000 corporate clients across broad industry segments.
Source: Altair Engineering Inc.