INTC--ClearCommerce Sets IPO at 3.5 Million Shares
WASHINGTON (Reuters) - ClearCommerce Corp. on Wednesday set its planned initial public offering at 3.5 million common shares to sell at $11 to $13 per share.
The company, whose electronic commerce software lets businesses conduct real-time transactions and payment processing, expects to raise about $37.8 million.
The Austin, Texas-based company disclosed the terms in an amended prospectus with the Securities and Exchange Commission (news - web sites).
It plans to use proceeds for working capital and general corporate purposes.
It hopes to list the shares on Nasdaq under the symbol CLCM (Nasdaq:CLCM - news). Underwriters are Credit Suisse First Boston, Chase H&Q and SG Cowen. They have the option to buy 525,000 more shares if the 3.5 million shares are oversubscribed.
About 20 million shares will be outstanding after the offering, according to the prospectus. Based on a $12 share price, ClearCommerce would have an initial market capitalization of $240 million.
The stake held by Middlefield Ventures Inc., an affiliate of Intel Corp. (NasdaqNM:INTC - news), will drop to 5.6 percent from 6.9 percent, the filing shows. It currently owns 1,129,590 shares.
Hewlett-Packard Co.'s (NYSE:HWP - news) 5.7 percent stake would fall to 4.9 percent, according to the filing.
ClearCommerce products are licensed by Apple Computer Inc. (NasdaqNM:AAPL - news), Mary Kay Cosmetics, and Sun Microsystems Inc. (NasdaqNM:SUNW - news) |
