Novatel Wireless IPO set 7 mln shrs, $10-$12 each:
WASHINGTON, Sept 15 (Reuters) - Novatel Wireless Inc., a provider of wireless data modems and software for Palm Inc (NASDAQ: PALM) handheld computers and other handheld devices, has set an initial public offering at 7 million common shares for $10-$12 each.
Novatel disclosed the figures for the first time in a Securities and Exchange Commission filing. It initially filed to go public near the end of July.
The San Diego-based company predicted it would make about $70.4 million in net proceeds, which it plans to use for working capital and general corporate purposes, including increased research and development and sales and marketing.
Novatel, which has applied for a Nasdaq listing under the symbol "NVTL" (NASDAQ: NVTL), would have about 51.6 million common shares outstanding once the IPO was completed.
If the 7 million shares being offered were snapped up, an underwriting group comprised of Credit Suisse First Boston, U.S. Bancorp Piper Jaffray and Banc of America Securities would have an option to buy 1.05 million additional shares.
Some of Novatel's biggest backers include Aether Systems Inc.'s (NASDAQ: AETH) Aether Capital LLC.
Aether, the Owings Mills, Md., wireless applications service provider, holds a 9.22 percent stake equal to about 4.2 million shares, according to the SEC filing. |
