ClickSoftware Technologies Ltd. (Nasdaq: CKSW) ended its first day of trading Thursday unchanged at 7, as stocks in general and technology issues in particular plunged.
The business-to-business company raised about $28 million from the sale of the four million common shares. The proceeds will be used for working capital and other general purposes, ClickSoftware said.
ClickSoftware’s products are used by such companies as Agilent Technologies, Bell Atlantic, Caterpillar, Inc. and Compaq Computer Corp. to buy and sell products. ClickSoftware is based in Israel and has offices in Campbell, California.
Underwriter Lehman Brothers cut the size of the offering from an initially anticipated five million shares, and lowered the price from a planned range of $8 to $10 a share.