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.