"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%.
On 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, its second IPO. It planned to raise nearly 50m with the sale of 7.5m shares (PrintWeek, 5 April).
In June its underwriters halved the volume of shares in the IPO to 3.75m, but raised the target price.
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"No Mr Bond, I expect you to di-rect mail"
"I'm sure this will go down well with print supply chain vendors. What terms is it that ADM are after - 180 days is it?"
"Hello Set Off,
Unencumbered assets that weren't on the Reflections books, I believe.
Best regards,
Jo"
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