More details of Princeton eCom's IPO released
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WASHINGTON, May 13 (Reuters) - Electronic bill payment services company Princeton eCom Inc. said Thursday it plans to offer three million common shares, or about 21 percent of the company, in an initial public offering.
The shares may trade in the $9-11 per share range, the Princeton, N.J.-based company said in an amended Securities and Exchange Commission filing which had more details of the IPO than the original filing on March 31.
The company plans to trade the shares on Nasdaq under the symbol .
The underwriters are BancBoston Robertson Stephens and Donaldson, Lufkin & Jenrette and First Union Capital Markets Corp.
E*Trade Securities and DLJdirect Inc. will handle the Internet distribution.
Estimated net proceeds of about $26.7 million will be used to invest in the further growth and expansion of the company's business, for working capital and other general corporate purposes, the filing said.
The company is controlled by its chairman and chief executive officer, Donald Licciardello, who will have a 48.8 percent stake after the offering, the filing added.
Princeton eCom's customers include Chase Manhattan Corp. , First Union Corp. and Sears, Roebuck and Co. , the SEC document added.
The above message is from Hoovers Online, May 13, 1999 |
