SMART TECHNOLOGIES went public

In July 2010, SMART Technologies completed an initial public offering on both NASDAQ and the Toronto Stock Exchange, representing one of the largest technology IPOs of the year. The transaction consisted of a combination of newly issued shares and secondary shares sold by existing shareholders, including funds advised by Apax Partners and Intel Corporation. The offering was priced at $17 per share and raised approximately $660 million in gross proceeds. The company used the proceeds from the primary issuance to repay debt and support future growth initiatives, while Apax and other selling shareholders partially monetized their investments. Apax originally acquired a 49.9% stake in SMART in 2007 and partnered with management during a period of significant expansion. During its ownership period, revenue increased from approximately $379 million to $648 million, while adjusted EBITDA grew from $59 million to $166 million. Following the IPO, Apax retained approximately 28% ownership in the company, making the transaction a classic partial private equity exit through the public markets while preserving exposure to future value creation.