Calgary-
S. -based Smart Technologies said Monday it expects the price of its initial public offering to be between $16 and $18.
The maker of interactive whiteboards said it plans to sell 35 more.
After paying $3 million to investment bankers, the company will raise 0. 135 billion shares.
In a document submitted to the United StatesS.
The Securities and Exchange Commission, the company said it would sell 8.
8 million shares, while other shareholders of private companies invested in 1987 earlier will sell another 26 shares.
5 million shares.
The investors include chip makers Intel, Apax Partners and IFF Holdings Inc . .
The company said it expects to use $59 million to pay off its debt and the rest will be spent on working capital.
The shares will be traded on the Toronto Stock Exchange.
Investment banks selling the bonds include Morgan Stanley, Bank of America Merrill Lynch, Deutsche Bank Securities, the Royal Bank of Canada Capital Market and Credit Suisse.
Interactive technology allows users to project images and data on electronic screens, add symbols, and share them on other terminals in networks in different locations.
The company's production board in Ottawa employs 1,700 employees in eight cities around the world and sells in 100 countries.