Divine Interventures Ups IPO Price, Cuts Size
WASHINGTON (Reuters) - Divine Interventures Inc., a firm that invests in Internet and e-commerce companies, raised its planned initial public offering by more than 17 percent, increasing the price range while cutting the number of shares to be sold.
The Lisle, Ill.-based company now plans to net about $412 million from the sale of about 36 million shares, 14.28 million shares of which will be sold to the public for $13-$15 a share and the rest will be sold in concurrent, private placements.
Previously, Divine Interventures had planned to net about $360 million through the sale of 20 million shares to the public for $6-$8 a share and 44.4 million shares in private placements.
The new details of the offering were revealed in an amended prospectus filed with the Securities and Exchange Commission on Monday.
A spokesman for Divine Interventures was not immediately available for comment.
The company has stakes in infrastructure service providers and market makers ranging from Neoforma.com Inc. and Bid4real.com Inc. to BeautyJungle.com Inc. and iSalvage.com Inc., among others.
Divine Interventures plans to use the proceeds from the IPO to repay promissory notes, acquire interests in and establish new associated companies, working capital and general corporate purposes.
Microsoft Corp (NasdaqNM:MSFT - news), Compaq Computer Corp. (NYSE:CPQ - news) and Level 3 Communications (NasdaqNM:LVLT - news) will all buy about half the number of shares they had previously planned to purchase in concurrent offerings, the new prospectus showed.
Plus, Aon Corp (NYSE:AOC - news), Hewlett-Packard Co. (NYSE:HWP - news) and CMGI Inc. (NasdaqNM:CMGI - news), will all buy significantly fewer shares than planned, according to the filing.
About 129.3 million shares will be outstanding after the offering giving the company an initial market capitalization of $1.8 billion based on a $14 per share initial price, the midpoint of the set range.
Robertson Stephens is now leading the offering whereas before Credit Suisse First Boston was the lead underwriter.
The underwriters have been given the option to buy about 2.14 million extra shares in the event heavy demand to cover over-allotments.
Divine Interventures said it has received approval to list its shares on Nasdaq under the symbol ``DVIN'' (NasdaqNM:DVIN - news) once it goes public. |
