Friedman, Billings, Ramsey & Co. Inc. (FBR) has closed a $203.5 million initial public offering for Integrated Alarm Services Group Inc., an integrated solutions provider to independent commercial and residential security alarm dealers, which offers specialty finance, alarm monitoring and related support services. The transaction involved the offering of 22 million common shares priced at $9.25 per share.
Integrated Alarm has granted the underwriters an option to purchase up to 3.3 million additional shares of common stock to cover overallotments, if any. The total net proceeds to Integrated Alarm from the offering will be approximately $189 million, assuming no exercise of the overallotment option.
Timothy M. McGinn, Chairman and CEO of Integrated Alarm Services Group Inc. said, “Proceeds will permit us to retire approximately $80 million of existing debt while allocating roughly $105 million to purchase portfolios of alarm monitoring contracts.”
