Primis seeks to raise $86.25 mln in IPO
WASHINGTON, Jan 21 (Reuters) - Primis Inc., a provider of online property information services, filed with federal regulators to raise as much as $86.25 million in an initial public offering.
Primis did not disclose how many shares it plans to sell or the projected price per share in its preliminary prospectus filed with the Securities and Exchange Commission late Thursday. That information will likely come in subsequent filings.
The company, based in Alpharetta, Ga., provides appraisals, home inspections, title services, flood determinations, energy audits, valuation tools and other services, all of which can be accessed through its Web site primis.com.
Its primary customers include large national mortgage lenders as well as regional and local mortgage lenders and brokers, Internet lenders, utility companies and real estate professionals, the prospectus said.
Primis had about $17.8 million in revenue and about $7.05 million in net losses during the nine months ended Sept. 30, 1999, the filing showed.
The company said it plans to use the net proceeds from the IPO to fund development of its service delivery infrastructure, internal technology and associated personnel training costs, as well as to repay debt, fund future acquisitions and pay for sales and marketing activities.
James Schaper, 48, has been the firm's president and chief executive since April 1999. He also serves as chairman of the board.
The $86.25 million figure in the IPO filing was merely a basis for calculating the SEC registration fee, the company said. It has applied to sell its shares on Nasdaq under the symbol ``PRMZ' (NasdaqSC:PRMZ - news) once it goes public.
The underwriters for the IPO include Bear, Stearns & Co. Inc., U.S. Bancorp Piper Jaffray, and J.C. Bradford & Co. |
