Internet Capital Group Inc. (ICGE) Message Board

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Technology Stocks : Internet Capital Group Inc. (ICGE)

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To: wellab1 who wrote (1)	7/16/1999 7:56:00 PM
From: Mohan Marette	Read Replies (2) of 4187

Internet Capital cuts IPO offer -Price range raised to $10-$12 WASHINGTON, July 16 (Reuters) - Internet Capital Group Inc. said Friday it cut the amount of stock it will offer in its first-ever public sale to 13.25 million from 16.25 million previously. The holding company that manages and operates a network of electronic commerce companies revised the estimated initial stock price to be between $10 and $12 per share from $8 to $10 per share, according to an amended initial public offering filed with the Securities and Exchange Commission. Of the total, 12 million common will be sold to both the public and to shareholders of one of Internet's selling stockholders Safeguard Scientifics Inc (NYSE:SFE - news) and 1.25 million will be offered by Safeguard to its shareholders. International Business Machines (NYSE:IBM - news) has agreed to buy directly from the company $45 million worth of shares in a private placement at a price equal to the IPO. The private placement is concurrent with the IPO. At the company request the underwriters have reserved about 2.6 million shares for sale to Internet employees, directors and certain others with relationships to the company. The underwriters have also reserved up to $20 million or 1,818,181 shares for sale to General Electric Capital Corp. The Wayne, Pa.,-based company has applied to trade on Nasdaq under the stock symbol (Nasdaq:ICGE - news) and is tentatively scheduled to begin the week of July 26. The offering will be made through Merrill Lynch & Co., Banc of America Securities LLC, BancBoston Robertson Stephens, Deutsche Banc Alex. Brown and Wit Capital Corp. Net proceeds will be used to repay outstanding debt, acquisitions and working capital. biz.yahoo.com

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