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Audible Inc. plans to offer 4 mln IPO shares WASHINGTON, May 28 (Reuters) - Audible Inc., whose web site offers audio versions of books, newspapers and radio programs, said Friday it was offering 4 million common shares in an initial public offering. The shares are expected to trade for $10 per share, the company said, meaning it could make $40 million by going public, according to an amended Securities and Exchange Commission filing. The amended document contained the number of shares in the offering, their expected offering price and other information not disclosed in Audible's original SEC filing on April 26. If there is heavy demand for the IPO, the underwriters -- Credit Suisse First Boston, J.P. Morgan, Volpe Brown Whelan and Wit Capital -- have an option to buy 600,000 more shares from the Wayne, N.J.-based company. The 4 million shares represent about 16 percent of the company's total number of common shares that will be outstanding after the IPO. The shares may trade on Nasdaq under the symbol (Nasdaq:ADBL - news). Major shareholders of Audible include Microsoft Corp. (Nasdaq:MSFT - news), with a 7.9 percent stake after the IPO; AT&T Corp.'s (NYSE:T - news) AT&T Ventures (6.1 percent); and CPQ Holdings Inc., an affiliate of Compaq Computer Corp. (NYSE:CPQ - news) (4.5 percent). Estimated net proceeds of $36.2 million will be used for marketing, acquisition and production of new content and general corporate purposes, including obtaining and extending technology licensing arrangements, hiring more people and financing expected operating losses as the customer base is expanded, the filing said. Located online at audible.com, the company's web site contains the largest and most diverse collection of digital spoken audio content available for downloading on the Internet, the filing said. More than 15,000 hours of content are available on the site, including more than 2,800 audio versions of books from publishers like Bantam Doubleday Dell Publishing and Random House Publishing, both divisions of Random House Inc. Audible posted total revenue of $376,000 for the year ended December 31, 1998 and $315,000 for the three months ended March 31, 1999, the company said, adding it has net operating losses of $21.2 million as of March 31. ================== Tentative pricing schedule - Week of Jun 28 | ||||||||||||||
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