Interest in this deal must be low; the price is now being estimated at $10 per share.
biz.yahoo.com
Friday February 11, 4:51 pm Eastern Time
VarsityBooks.com estimates IPO price at $10/share
WASHINGTON, Feb 11 (Reuters) - Online book retailerVarisityBooks.com Inc. said on Friday it expected to sell its four million shares of common stock to the public for $10 a share, lower than the $12-$14 per share price range it originally had set.
The company, which sells college textbooks online, now expects to net $35.7 million from the offering to be used to repay debt, increase sales and marketing efforts, expand its work force and introduce products and services.
The revision to the terms of the offering were revealed in an amended prospectus filed with the Securities and Exchange Commission.
Another 75,000 shares will be sold by existing stockholders, according to the prospectus.
Washington-based VarsityBooks.com, armed with a network of student representatives, hopes to become a marketing channel to college students, as well as sell staple textbooks.
The underwriters, led by Robertson Stephens, have been granted the option to purchase an extra 611,250 shares of common stock in the event of heavy demand.
It has applied to list its shares on Nasdaq under the symbol ``VSTY' (NasdaqNM:VSTY - news) once it goes public. |
