Portal <PRSF.O> sets IPO at four million common
WASHINGTON, April 15 (Reuters) - Online service Portal
Software Inc. said it will offer up to four million common
shares in its first-ever sale of stock to the public.
In a filing with the Securities and Exchange Commission on
Wednesday, the Cupertino, Calif.,-based company estimated the
initial selling price at $10 to $12 per share.
Portal has applied to list on Nasdaq under the stock symbol
<PRSF.O> and expects to trade the week of May 3.
Following the sale of the IPO, Portal will sell to Cisco
Systems Inc. <CSCO.O> and Andersen Consulting LLP a concurrent
private placement, an additional three million and up to
400,000 shares of common stock.
After the offering, outstanding common will total
75,235,730 shares.
The underwriters were granted an over-allotment option to
purchase up to 600,000 additional common shares. The offering
will be made through Goldman Sachs & Co., Credit Suisse First
Boston, BancBoston Robertson Stephens and Hambrect & Quist.
Net proceeds will be used for general corporate purposes,
repayment of debt and working capital, including sales and
marketing activities, product development and support and
capital expenditures.
Portal develops, markets and supports real-time, scalable
customer management and billing software for providers of
Internet-based services.
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