InternetCapitalIPO set at 16.25 mln common
WASHINGTON, June 22 (Reuters) - Internet Capital Group Inc., a holding company that manages and operates a network of electronic commerce companies, on Tuesday said 16.25 million common shares will be available for sale to the public in its first-ever stock offer.
Of the total amount, 15 million common shares will be sold by the company to both the public and shareholders of one Internet's selling stockholders Safeguard Scientifics Inc. (NYSE:SFE - news), and 1.25 million will be offered by Safeguard to its shareholders, the Wayne, Pa.,-based company said in an amended initial public offering filed with the Securities and Exchange Commission.
Previously, the company did not disclose the amount of stock to be offered nor the estimated initial selling price.
In the filing, the company estimated the initial stock price will be between $8 and $10 per share.
The company has applied to trade on Nasdaq under the stock symbol (Nasdaq:ICGE - news).
The offering will be made through Merrill Lynch & Co., BancBoston Robertson Stephens, Banc of America Securities LLC, Deutsche Banc Alex. Brown and Wit Capital Corp.
Net proceeds will be used to repay outstanding debt, acquisitions and working capital. |
