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ShotSpotter Earns $4.6M More than Anticipated in IPO

The company has finished its initial public offering.

SSTI, the company that makes the gunshot detection system ShotSpotter, has wrapped up its initial public offering with $4.6 million more than it was aiming for.

The company hauled in $35.4 million before expenses, compared with its goal of $30.8 million. On June 13, the day after the end of the IPO, the stock closed at $14.03 per share — up from SSTI’s original price of $11 per share. The offering consisted of 3.2 million shares.

SSTI is now one of only a handful of government-focused technology companies to ever go public, including six others on the Gov Tech 100 list.

According to regulatory filings, the company is planning on using $13.6 million of its IPO money to pay off debt it holds with Orix Growth Capital.

Before the IPO, SSTI had already raised $67.9 million in venture capital.

Ben Miller is the associate editor of data and business for Government Technology. His reporting experience includes breaking news, business, community features and technical subjects. He holds a Bachelor’s degree in journalism from the Reynolds School of Journalism at the University of Nevada, Reno, and lives in Sacramento, Calif.