Whoa! DVIN priced to move:
biz.yahoo.com
Monday February 14, 8:29 pm Eastern Time
Divine Interventures sets IPO at 50 mln shares
WASHINGTON, Feb 14 (Reuters) - Divine Interventures Inc., a business-to-business e-commerce services firm, said on Monday to plans to sell 50 million shares of common stock in a range of $6-$8 per share in its planned initial public offering.
The company will use the net proceeds, about $321.5 million, to acquire interests in and establish partner companies, general corporate purposes and working capital, according to an amended prospectus filed with the Securities and Exchange Commission.
The Lisle, Ill.-based company provides capital to its partner companies, offers Internet-hosting and design, systems integration, information technology management and marketing as well as public relations services.
After the offering there will be about 493.7 million shares outstanding in the company, putting its initial market capitalization at approximately $3.45 billion based on a $7 per share initial price, the midpoint of the set price range.
The underwriters, led by Credit Suisse First Boston, have been granted the right to purchase an extra 7.5 million shares in the event of heavy demand.
The company has applied to list its shares on Nasdaq under the symbol ``DVIN' (NasdaqSC:DVIN - news). |
