Partsbase.com Boosts IPO Size By 0.5M Shares To 3.5M Shares
Newstraders - March 16, 2000 09:54
(NewsTraders.com)--PartsBase.com Inc., an online B2B service provider serving the aviation industry, today revealed its plan to increase the number of shares it will offer in its upcoming IPO to 3.5 million as opposed to the 3 million it outlined in its last regulatory update.
PartsBase still plans to offer the shares in the $11-to-$13 sphere, as was reported on Feb. 22 by NewsTraders when the company moved to lower the price range it expected in the offering.
The new financial information, revealed in an updated Form S-1 released today, raises the company's potential market capitalization by $6 million to $169 million, based on the shares to be outstanding and the $12 mid-point price.
PartsBase now expects net proceeds to come in at $37.3 million, again a larger figure than the $31.6 million it anticipated prior to boosting the size of the deal.
Through its global e-commerce marketplace, PartsBase offers its 13,000-plus members, located in more than 115 countries, to buy and sell new, used and overhauled aviation parts and products in an efficient, competitive and cost-effective manner.
PartsBase can be found on the Web at www.partsbase.com.
Roth Capital Partners is still listed as lead underwriter for the IPO.
IPO Expectations:
Price per share: $11 to $13
Shares being offered: 3,500,000 common
Shares to be outstanding: 14,087,500 common
Company location: Boca Raton, Fla.
Exchange/Symbol: Nasdaq/PRTS
Underwriter(s): Roth Capital Partners; Pennsylvania Merchant Group
Copyright 2000 NewsTraders Inc. All Rights Reserved 11:36 Thursday, March 16, 2000
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