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Irwin Magnetic Systems Inc., one of Michigan's brightest high technology stars, plans to become a public company by selling 2 million common shares.
The stock sale, which could raise up to $16.8 million for the company, will help Irwin Magnetic meet stiffening competition and manage swift growth. The sale will also give the company's original investors, including the state of Michigan, a chance to cash out.
Blessed with excellent timing and an advanced product, the Ann Arbor manufacturer of computer memory devices posted sales of $36 million in just its third year of operations.
The company filed a preliminary prospectus for the initial public offering with the U.S. Securities and Exchange Commission last week.
Irwin Magnetic plans to sell 1.4 millin shares, while current stockholders plan to sell another 600,000 shares. The proposed price per share is between $10 and...