The fact that we managed to do a successful IPO means investors must have faith in printing, related markets and Printcafe, said European managing director Robert Berkeley.
Nearly half of the cash raised (11.3m) will be used to pay off long-term debt to Creo.
Creo also bought 2.48m worth of shares issued at the IPO, taking its total stake to 30.2%.
One Tuesday 18 June, the first day of trading, Printcafes shares fell 20% from the IPO price to close at 5.36.
Printcafe applied to Nasdaq this February for this IPO, its second. It planned to raise nearly 50m with the sale of 7.5m shares (PrintWeek, 5 April).
At the beginning of June its underwriters halved the volume of shares in the IPO to 3.75m, but raised the target price.
Story by Barney Cox
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"Sad to see another print company facing financial trouble. The industry is tough, and this highlights the ongoing challenges many are facing. Hope employees and customers get clarity soon."
"Not surprised, businesses need to prepare for these attacks rather than thinking that they're going to avoid them. At the very least, data needs to be fully protected with air gaps in place..."
"So much for growth then!"
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