Evoke IPO range falls to $8-$10 a share from $12-$14
biz.yahoo.com
WASHINGTON, July 24 (Reuters) - The price range for Evoke Communications Inc.'s initial public offering of 7 million common shares dropped to $8-$10 a share from $12-$14, shaving $26 million off the estimated net proceeds, the Internet communication services provider said on Monday.
The Louisville, Colo.-based Webconferencing and Webcasting firm, which has applied for a Nasdaq listing under the symbol ``EVOK'' (NasdaqNM:EVOK - news), disclosed the lowered range in a filing with the Securities and Exchange Commission.
Evoke, formerly known as VStream Inc., originally filed with the SEC to go public a few days after Valentine's Day in February. It is tentatively expected to debut this week.
If the 7 million shares were to sell for $9 each, or the middle of the latest range, Evoke predicted it would net about $57.4 million in proceeds, compared to the $83.4 million it might have had if the stock sold for $13 apiece, a difference of $26 million in proceeds.
It plans to use the proceeds for sales and marketing, further development of its services, financing of potential acquisitions, joint ventures or investments, and for general corporate purposes.
The IPO is being managed by Salomon Smith Barney, Robertson Stephens, Thomas Weisel Partners and CIBC World Markets, who have an option to buy 1.05 million more shares if the 7 million shares are snapped up.
The company will have 46.7 million common shares outstanding when the offering is completed. |
