Lawson Software raises $196 million in IPO
Published Dec 7 2001
NEW YORK -- Lawson Software Inc., a maker of
business-planning software, raised $196 million in its initial
stock offering.
Lawson Software and members of the founding Lawson family
sold 14 million shares, as planned, at $14 each. That's the
middle of the indicated $13 to $15 price range. Lehman
Brothers managed the sale.
Last month, Lawson lowered the terms of its offering to help
attract investors still wary of technology stocks after an
18-month slump.
Lawson initially had planned to raise up to $210 million by
selling 13 million shares at $15 to $17.
By increasing the number of shares on sale, Lawson also sold
more of the company: 15.4 percent compared with 14.5
percent. The offering values the company at up to $1.4 billion,
down from $1.5 billion.
St. Paul-based Lawson sold 13.7 million shares in the offering
and selling stockholders offered 325,000. The stockholders
include Bill Lawson, the company's founder and former
chairman, and his wife, Krystal.
Lawson specializes in software systems for health care
providers, retailers, financial services companies, professional
services firms and government agencies.
Lawson shares are to begin trading today on the Nasdaq Stock
Market under the symbol LWSN.
-- Bloomberg News |
