WASHINGTON, Oct 20 (Reuters) - Retek Inc., which makes
software used by retailers to communicate online with suppliers
and distributors, Wednesday set its initial public offering at five
million common shares to be priced between $10 and $12 a
share.
Minneapolis-based Retek, a unit of HNC Software Inc. (NasdaqNM:HNCS - news), plans to use
the IPO's proceeds for working capital and general corporate purposes, including debt repayment to
HNC.
Retek, whose clients include Rite Aid Corp. (NYSE:RAD - news) and Starbucks Corp.
(NasdaqNM:SBUX - news), plans to trade shares on Nasdaq under the symbol RETK.
Underwriters Credit Suisse First Boston, Robertson Stephens and U.S. Bancorp Piper Jaffray have
an overallotment option for another 750,000 shares, said Retek, which disclosed terms of the IPO in
a Securities and Exchange Commission filing.
When the IPO is completed, HNC will own about 88.9 percent of the 45 million outstanding Retek
common shares.
HNC plans to distribute as a dividend to its stockholders all of the Retek shares it will own after the
IPO, subject to certain conditions.
San Diego-based HNC, which makes software that helps companies manage customer relations,
announced last month that it was spinning off the unit. |
