The listing was shelved recently and now the fundies relaunched it at $90m cheaper..
Aconex is back on track to float after its revised initial public offering secured $140 million from cornerstone investors.
A few weeks ago, the construction industry software provider took the unusual step of abandoning a plan to raise $230 million at $2.20 a share, following advice the stock was unlikely to receive enough support to perform well at listing.
But joint lead managers Macquarie and UBS have now completed the institutional book-build for the re-engineered Aconex IPO, raising $140 million at $1.90 per share.
"We had covered the book for a $230 million raising, but then the market came off, risk aversion was on the rise, investors were displaying a bit of IPO fatigue, and we wanted to make sure it traded well," Macquarie head of equity capital markets origination Mark Warburton said.
"The pipeline of technology companies coming to market is stronger than it has ever been. We are developing a really good local tech sector, but for that to work out this deal has to trade up."
Macquarie and UBS returned to Australian and Asian institutional investors that had supported the original Aconex IPO deal to cornerstone the new smaller, more competitively priced raise.
The new deal also doubles the amount of existing shareholder stock held under voluntary escrow arrangements to more than 85 per cent. A large portion of these escrow conditions will expire after the 2015 results are announced.
An updated prospectus is expected to be lodged with the regulators as early as Monday, after the new deal was struck on Friday and inked at the weekend.
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