PlanetRx plans to sell 6 mln in stock, $12-$14 per share
WASHINGTON, Sept 3 (Reuters) - PlanetRx.com Inc., an online retailer of health care products, plans to sell six million shares in a range of $12-$14 per share as it tries to raise $71 million in an initial public offering.
The company said it doesn't have any specific plans for the proceeds raised from the IPO, although it may use the funds for working capital, general corporate purposes or acquisitions.
PlanetRx.com, which launched its website in March, sells more than 27,000 products, including prescription drugs, non-prescription drugs, personal care, beauty and spa, vitamins, and medical supplies.
PlanetRx.com also plans to sell 10.3 million shares directly to Express Scripts Inc. (Nasdaq:ESRX - news), which owns yourPharmacy.com, at the initial offering price, a Securities and Exchange Commission filing said.
Express will then own 19.9 percent of PlanetRx, which will acquire the e-commerce operations of the online pharmacy in exchange for co-branding and co-marketing the two services for a period of five years.
Through June 30, the South San Francisco-based company posted $20 million in net losses based on $817,000 in revenue.
The underwriters, Goldman, Sachs & Co., BancBoston Robertson Stephens, Hambrecht & Quist and William Blair & Co., have been allotted 900,000 shares in case of heavy demand.
The company has applied to sell its shares on Nasdaq under the symbol (Nasdaq:PLRX - news). The $71 million figure it cited in the filing was merely a basis for calculating the SEC registration fee, the company said. |
