PCQT lowers the range to $8 to $10 per share and reduces the number of shares being sold by the company to 4.5 MM.
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PCQuote.com Again Lowers IPO, Sees Pricing 5M Shs In $8-$10 Range
Newstraders - October 04, 1999 11:18
(NewsTraders.com)-- Internet-based stock quote vendor PCQuote.com has once again adjusted the terms of its pending initial public offering, this time lowering both the size and expected per-share price range, according to amended regulatory documents released by the SEC this morning.
The Chicago-based company now plans to offer 4.5 million shares in the $8-to-$10 range, which is lower than the 5.8 million shares and $11-to-$13 per-share zone previously listed in a Sept. 28 filing.
Hyperfeed Technologies (HYPR), the company's parent, also scaled back the number of shares it will put forward to the public to 500,000, down from an earlier plan of selling 1.95 million.
When PCQuote originally filed to go public on June 9, it hoped to sell the shares in the $12-to-$14 range.
The lower price range has pushed the offering's estimated net proceeds down to $36.3 million from an earlier hope of generating $63.3 million. The company plans to use the funds for marketing, acquisition of additional content and the purchase of new systems.
HyperFeed will retain a 64.5% interest in PCQuote.com after the stock sale, which is considerably higher than the 49.9% stake listed in earlier filings.
PCQuote's investor service offerings consist of two sites, www.pcquote.com a free service, and fee-based marketsmart-real.pcquote.com, as well as two Internet enabled desktop applications PCQuote 6.0 RealTick and PCQuote Orbit. In addition to stock quotes, the sites provide business news and research tools.
For the six months ended June 30, the company posted a net loss of $2.0 million on $6.9 million in revenues.
Prudential Securities is leading the underwriting team.
IPO Expectations:
Price per share: $8 to $10
Shares being offered: 5 million common (500,000 shares are by Hyperfeed Tech)
Shares to be outstanding: 14.4 million common
Company location: Chicago, Ill.
Exchange/Symbol: Nasdaq/PCQT
Underwriter(s): Prudential Securities; U.S. Bancorp Piper Jaffray; FAC/Equities; E*Offering; Commerbank Capital Markets Corp.; Prudentialsecurities.com
Copyright 1999 NewsTraders Inc. All Rights Reserved 12:09 Monday, October 04, 1999
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