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Electrical technology company Sky Technologies sets terms for $18 million IPO

January 24, 2022

Sky Technologies, which provides universal power-plug devices for light fixtures and ceiling fans, announced terms for its IPO on Monday.

The Johns Creek, GA-based company plans to raise $18 million by offering 1.5 million shares at a price range of $11 to $13. At the midpoint of the proposed range, Sky Technologies would command a fully diluted market value of $1.1 billion. The IPO float is just 1.9% of the basic shares outstanding.

Sky Technologies states that it has a series of highly disruptive advanced-safe-smart platform technologies, with over 60 US and global patents and patent pending applications. Its first-generation technologies enable safe and quick installation of light fixtures, ceiling fans, and other electrically wired products through the use of universal power-plug devices. The company also offers devices with advanced smart capabilities including scheduling, energy savings eco mode, dimming, back-up emergency light, night light, and light color changing that can be controlled by voice control and its SkyHome app.

Sky Technologies was founded in 2004 and plans to list on the Nasdaq under the symbol SKYX. The Benchmark Company is the sole bookrunner on the deal.