The company's market cap zoomed to $800 million within two days, which stood at $450 million at the time of the issue.
The company offered 5 million shares priced at $14 each, thereby raising $70 million. The company also exercised the green shoe option for another 15%, taking the entire issue to $80.5 million. The company plans to use the proceeds from the offering to expand its operations by acquiring strategic businesses, technology enhancement and meeting working capital requirements.
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