4.4M shs (incl. over-allotment) at $10.5 for a little over $40M after fees paid. $20s before Dec '13.
SSH will only need to raise another ~$30-40M 2-3 yrs from now. That will likely amount to less than 2M add't shs.
This has been a great move by management. They have done a 30% dilution at $10.50, which is about 30% below the 52-wk high $13.8 and about 15% below the recent higher end of the stable range in $12.5s, and yet stock is trading $0.5 above offering price right now at $11. Banks will have no problem selling over-allotment with this kind of demand.
This kind of offering could have happened anytime from when it hit $13.8 to before December '13. Shorts were and would have continued to come in every week proclaiming imminent offering until they were finally right, because it wasn't much of a surprise considering the recent bull rally and past cash situation. The fact that they got a $10.5 pricing with 30% dilution, and yet it's finding support in the $11s today, tells me that there are going to be a lot of butt-hurt shorts from under $11 scrambling for those shares in the offering. I expect SI to drop dramatically in a future report.
With this financial overhang out of the way, this company is set to hit $20s before December '13.
It's just as likely that the book-runners are "swappin' spit" to prop the price up today. The LNKD offering is a good recent example, and the FB IPO was the mother of prop jobs by MS. Book runners don't get those staggering fees just to run road show Miss America pageants for their clients.