Offering Information:
Tuesday November 16, 2:41 pm Eastern Time
ESpeed sets IPO at 8.5 mln shares, $17-$19 a share
WASHINGTON, Nov 16 (Reuters) - ESpeed Inc. plans to offer 8.5 million shares at $17 to $19 each in its initial public offering, the company said in a Securities and Exchange Commission filing on Tuesday.
The company, a recently-formed division of Cantor Fitzgerald LP that operates interactive, real-time electronic marketplaces, will offer million shares. Cantor Fitzgerald Securities plans to sell the remaining 2.5 million shares.
ESpeed said it plans to use net proceeds, an estimated $98.5 million, to invest in hardware and software, hire personnel to develop new markets in both financial and non-financial sectors, and for marketing, working capital, possible acquisitions and general corporate purposes.
The company will not receive any of the proceeds from the sale of shares by Cantor Fitzgerald Securities.
After the offering, there will be 8.5 million shares of Class A common stock and 41.5 million of Class B common stock outstanding, putting eSpeed's initial market value at about $900 million based on a price of $18 per share.
The underwriters, Warburg Dillon Read LLC, Hambrecht & Quist, Thomas Weisel Partners LLC and Cantor Fitzgerald & Co., have been allotted 1.275 million extra shares to purchase in the event of heavy demand.
The company has applied to list its shares on Nasdaq under the symbol ``ESPD' (NasdaqSC:ESPD - news). |
