Simplex Solutions Sets IPO at $10 Each
WASHINGTON (Reuters) - Simplex Solutions Inc. said it plans to sell 4.5 million shares of common stock at an estimated $10 a share in a planned initial public offering.
The software and services company, in an updated prospectus filed Monday with the U.S. Securities and Exchange Commission (news - web sites), said it expects to raise about $39.9 million in net proceeds.
The Sunnyvale, Calif.-based company disclosed the terms of its IPO for the first time since filing a preliminary prospectus with U.S. regulators in September.
The underwriters, led by Credit Suisse First Boston, have the option to buy 675,000 extra shares in the event the 4.5 million shares are oversubscribed.
The money will be used for working capital and general corporate purposes in addition to possible acquisitions and investments, the company said.
After the offering there will be approximately 16.3 million shares outstanding in the company, and based on a price of $10 a share, that would give the firm an initial market capitalization of $163 million, according to the recent filing.
It would also result in a lower stake for Intel Corp (NasdaqNM:INTC - news), whose holdings would drop to 4.6 percent from 6 percent with 933,334 shares.
Simplex Solutions said it acquired in October Altius Solutions Inc., a provider of system-on-a-chip design services.
Under the deal, Simplex issued 3.8 million common shares to Altius shareholders for shares of Altius common and preferred stock.
Simplex Solutions has applied to trade its shares on Nasdaq under the symbol ``SPLX'' (Nasdaq:SPLX - news). |
