Venture capital-backed smart home technology company Control4 has raised $60m through its IPO on Nasdaq.
The offering valued the company, which makes automation and control solutions, at $400m.
The company was previously said to be seeking $60m, having priced its shares at $16 each. Investors in the business include Foundation Capital alongside Thomas Weisel Venture Partners, Frazier Technology Ventures, vSpring, Mercato Partners and Best Buy Capital.
The company sells and delivers its solutions through a deal and distributor network across 81 countries. But despite this success it has discontinued its product line for utilities, which was launched a few years ago and was being trialled by PG&E. It is also yet to turn a profit and recorded a loss of $3.7m last year, albeit a sharp decrease from the $109.5m of 2010.
Control4’s shares were up 25.31 per cent after the launch, closing at the end of last week at $20.05.
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