Software.com IPO price range raised to $12-$14
Wednesday, June 23, 1999 10:17 AM
NEW YORK, June 23 (Reuters) - In a sign of strong investor demand for a piece of Software.com Inc., underwriters raised the price range for the messaging software developer's initial public offering by $2,
to $12 to $14 a share.
The company, which offers Web browser-based e-mail, desktop-based e-mail, Internet-based voice mail and faxmail messaging, was initially set to price 6 million shares at $10 to $12 each.
Credit Suisse First Boston is the lead underwriter.
IPO watchers have solid hopes for Software.com, citing its ".com" cachet and its relationships with big-name companies such as AT&T Corp. (Nyse:T) , Hewlett-Packard Co. (Nyse:HWP) , Cisco Systems Inc. (Nasdaq:CSCO) and International Business Machines Corp. (Nyse:IBM) .
Ben Holmes, founder of ipoPros.com, told Reuters he expects the Santa Barbara, Calif.-based company's share price to rise 15 to 20 percent on the first day of trading.
The increase in the expected price range comes a day after IPO deals for telecommunications company GlobeSpan Inc., discount brokerage TD Waterhouse Group Inc. (Nyse:TWE) and Web software company Ariba Inc. (Nasdaq:ARBA) all priced above range.
Software.com is expected to trade under the ticker symbol "SWCM" (Nasdaq:SWCM) on the Nasdaq stock market.
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just another hot IPO |
