IPO of Wiretapping Firm Verint Set
WASHINGTON (Reuters) - Verint Systems Inc., whose wiretapping software enables law enforcement agencies to
scan the Internet, telephone calls and other forms of communication, said on Monday it plans an initial public offering of
4.5 million common shares.
The unit of U.S.-Israeli communication system developer Comverse Technology Inc.
(NasdaqNM:CMVT - news) said in a filing with the Securities and Exchange
Commission that it expects the shares to sell for $16 to $18 each.
It was not immediately known when Verint will debut, but it has applied for a Nasdaq
listing under the symbol ``VRNT'' (Nasdaq:VRNT - news).
Comverse, which will own 79.5 percent when the IPO is completed, was down 69
cents, or more than 5 percent, at $12.55 in morning Nasdaq trade.
Woodbury, New York-based Verint is selling 4.4 million shares in the IPO while
AKR Enterprises LLC of Glen Burnie, Maryland, is selling 136,985 shares.
Verint predicted it will net about $67.5 million in proceeds, which it plans to use to
finance growth, for working capital and general corporate purposes.
The money may also be used to repay bank debt and for acquisitions or other
investments.
The company will have about 23.4 million shares outstanding, giving it a potential
market value of $374 million to $421 million.
Managing the IPO are Lehman Brothers, Salomon Smith Barney, Robertson Stephens, UBS Warburg and U.S. Bancorp Piper Jaffray, which have an
option to buy 675,000 extra shares to cover any overallotments. |
