SWBD tentatively prices the deal:
biz.yahoo.com
Tuesday February 8, 7:26 pm Eastern Time
SwitchBoard sets IPO at 5.5 million shares, $10-12/shr
WASHINGTON, Feb 8 (Reuters) - Switchboard Inc., whose services include a yellow pages on the Web, said on Tuesday it plans to sell 5.5 million shares of common stock in a projected price range of $10-$12 a share in its initial public offering.
The Westboro, Mass.-based company, an Internet-based network connecting consumers, merchants and national advertisers, said it will net about $54.2 million from the offering, according to an amended prospectus filed with the Securities and Exchange Commission. In this filing, the terms of the proposed IPO were revealed for the first time.
The company's flagship Web site is CBS Switchboard.com -- or switchboard.com. The site enables people to search for individuals or businesses nationwide and get the phone numbers and addresses. Switchboard Inc. is a majority held subsidiary of Banyan Worldwide (NasdaqNM:BNYN - news). CBS Corp. (NYSE:CBS - news) holds a minority stake in Switchboard.
After the IPO, there will be about 23.7 million shares of common stock outstanding. That would put its initial market capitalization at approximately $260.7 million, based on an $11 per share initial price, the midpoint of the projected range.
The company has applied to list its shares on Nasdaq under the symbol ``SWBD' (NasdaqSC:SWBD - news) once it goes public.
The underwriters, led by Robertson Stephens and J.P. Morgan & Co., have been granted the option to buy an extra 825,000 shares in the event of heavy demand. |
