Procom Technology Plans Initial Offering

Procom Technology Inc. plans to offer 3.03 million shares of common stock to the public for the first time in an effort to raise $17.8 million. The company, which makes and markets data storage and information access computer equipment, estimated that the initial offering will be priced at $9 to $11 per share, according to documents filed Wednesday with the Securities and Exchange Commission. After the offering, each of the firm’s four founders will own an 18% stake in the company, which earned $2.85 million on net sales of $73.5 million for the fiscal year ended July 26. Montgomery Securities and Needham & Co. Inc. will underwrite the offering and shares are slated to trade on the Nasdaq market under the symbol PRCM.