OTGS price range increase to $16 to $18 per share:
biz.yahoo.com
Thursday March 9, 11:05 am Eastern Time
OTG Software IPO boosted to 5 mln shrs, $16-18/shr
WASHINGTON, March 9 (Reuters) - The common shares in OTG Software Inc.'s initial public offering rose to 5 million from 4 million, and the price range increased as well, to $16-$18 a share from $12-$14, the company said on Thursday.
OTG predicted it will make about $77.3 million in net proceeds if the 5 million shares sell for $17 each, or the middle of the new range, according to a Securities and Exchange Commission filing in which the boosted terms were disclosed.
That compared to the $46.6 million in net proceeds it estimated it would make if the 4 million shares had sold for $13 apiece.
OTG's initial public stock sale, which is being underwritten by a group led by Credit Suisse First Boston, is tentatively scheduled to begin this week.
The Bethesda, Md.-based firm plans to use the proceeds to repay debt, for payment of S corporation tax distributions and general corporate purposes, including working capital and capital expenditures.
It has applied to list the IPO shares on Nasdaq under the symbol ``OTGS.' The company will have about 25.4 million common shares outstanding after the offering. |
