Initial pricing on the SQSW deal:
biz.yahoo.com
Thursday March 23, 7:08 pm Eastern Time
Sequoia Software IPO set at 4.2 mln shrs, $11-$13/shr
WASHINGTON, March 23 (Reuters) - Sequoia Software Corp. said on Thursday it plans to sell 4.2 million shares for between $11-$13 per share in its initial stock offering.
The company, whose flagship product is portal software that sales representatives can use to keep better informed about their customers, said it would likely net $46.2 million based on those terms, according to an amended prospectus filed with the Securities and Exchange Commission.
It plans to use the proceeds to develop its products and services, to expand the sales force and office locations and other general corporate purposes including funding operating losses.
About 27 million shares of common stock will be outstanding in the company after the offering, giving it an initial market capitalization of approximately $324 million based on a $12 per share initial price, the midpoint of the set range.
The underwriters, led by Lehman Brothers, have been granted the option to buy an extra 630,000 shares in the event of heavy demand.
The company, based in Columbia, Md., has applied to list its shares on Nasdaq under the symbol ``SQSW' (Nasdaq:SQSW- news) once it goes public. |
