Active Software plans to offer 4 mln IPO shares
WASHINGTON, July 23 (Reuters) - Active Software Inc., whose business integration software is used by Boeing Co. (NYSE:BA - news), Starbucks Corp. (Nasdaq:SBUX - news), the Pentagon and others, said Friday it planned to offer four million common shares in an initial public offering.
The Santa Clara, Calif.-based company estimated the shares will be priced in the $10-12 per share range and trade on Nasdaq under the symbol (Nasdaq:ASWX - news), according to its Securities and Exchange Commission filing that had terms of the IPO.
Underwriters Goldman Sachs, Lehman Brothers and Dain Rauscher Wessels have an over-allotment option on 600,000 more shares, said Active Software, whose ActiveWorks Integration System enables information to be exchanged among incompatible software applications.
The company reported total revenues were $7.6 million and $8.7 million for 1998 and the six months ended June 30, 1999, respectively, and net losses were $9.9 million and $5.3 million for the same periods.
And as of December 31, 1998 and June 30, 1999, total accumulated deficit was $17.7 million and $23.1 million, respectively.
The four million shares represent 17 percent of the company's total outstanding common stock.
Active Software said the net proceeds from the IPO will be used to fund anticipated operating losses, for working capital and for other general corporate purposes.
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