Smart Technologies delivers largest tech IPO so far in 2010

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Smart Technologies delivers largest tech IPO so far in 2010

Simon Quicke

Interactive whiteboard specialist Smart Technologies has seen strong interest in its flotation indicating that shareholders believe there is still life in selling IT to the education sector and beyond.

The IPO of Smart Technologies has been coming for a while and has been used as a benchmark to provide indications that the tech investment market is recovering.

Recent figures from Regent have indicated that the valuations of IT firms has been rising through the course of this year. Smart Technologies sold 38.83m shares for $17 a pop raising around $660m.

In it's prospectus Smart acknowledged that the majority of its revenue came from education sales but it quoted analyst figures stating that there were still opportunities in that sector and it was looking to broaden its horizons.

"We further believe that additional attractive opportunities exist in the business and government markets for interactive whiteboards, as well as in the licensing of our touch-enabled technologies and sale of our touch-enabled solutions to other companies that seek to bring to market interactive touch products other than interactive whiteboards," it stated.

The prospectus added that as well as going for different markets it was also looking to expand into other geographical territories.

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