Criticom bumps up size of IPO

SSN Staff  - 
Saturday, March 1, 2003

ALBANY, N.Y. - The industry’s largest contract monitoring firm announced in late January that it was increasing the size of its planned initial public offering and now plans to sell 13 million shares of its stock at between $10 and $13.

Criticom, under the name Integrated Alarm Services Group, in November filed its intention to go public with the Securities and Exchange Commission. In its new filing on Jan. 22, the company said it had a new lead underwriter of the offering, the Alexandria Va. firm of Friedman Billings Ramsey & Co. Inc. McGinn, Smith and Co. will also serve as one of the offering’s underwriters. The new firm has the option to purchase an additional 1.95 million shares.

Timothy McGinn, founder and chairman of McGinn Smith, who is also co-chief executive officer of Integrated Alarm, declined to comment on the offering.

The company plans to use about $110.3 million of the net proceeds from the sale to pay down debt. Another $18.3 million will be used to purchase accounts. Criticom had originally said in its announcement that it would sell 10 million shares at $9 to $11 each.