Insiders at SS&C Technologies Inc. will share the bulk of the more than $211 million from the Windsor financial software and back-office services firm’s latest public offering of common stock, officials say.
SS&C Technologies Holdings Inc. said Friday its officers, employees and directors have tendered 9 million of their shares as part of the 11 million shares of common stock the company is offering at $17.60 a share.
Based on the offering price, insiders stand to reap $157.4 million before offering fees and commissions are subtracted.
SS&C said it has allotted another 1.1 million shares in the event investors swamp the offering with buy orders, which would generate an extra $19 million in gross proceeds.
The company has yet to say what it will do with its share of net proceeds. However, it did say insiders will keep net proceeds from shares they sell.
This is the second stock offering since SS&C first sold 10.7 million shares at $15 apiece publicly last March.
J.P. Morgan Securities LLC, Morgan Stanley & Co. Inc., and Deutsche Bank Securities Inc. are serving as joint book-running managers of the offering, and Needham & Company, LLC, Raymond James & Associates, Inc., Wells Fargo Securities, LLC and William Blair & Co. L.L.C. are acting as co-managers.
