Breakaway Solutions sets IPO at 3 mln shares
WASHINGTON, Sept 1 (Reuters) - Breakaway Solutions Inc., an e-business services company, on Wednesday set the terms of its initial public offering -- 3 million common shares in a projected price range of $10-12 per share.
The Boston-based company plans to use the estimated net proceeds of $29.4 million, based on an $11 per share price, for working capital and other general corporate purposes, including possible acquisitions.
Breakaway, whose services allow growing enterprises to capitalize on the Internet, plans to trade its shares on Nasdaq under the symbol (Nasdaq:BWAY - news), according to its filing with the Securities and Exchange Commission.
If there is heavy demand for the shares, then underwriters Morgan Stanley Dean Witter, Lehman Brothers and Deutsche Banc Alex. Brown have an option to buy 450,000 more shares.
It was not immediately known when Breakaway's IPO will begin trading.
The company, located online at www.breakaway.com, will have more than 16 million common shares outstanding after the offering. |
