Lindows Cuts IPO Price Range

In a yet another sign of an ailing IPO market, Linux software company Lindows lowered the expected price range of its initial public offering Thursday for the second time.

San Diego-based Lindows reduced the price range of its IPO to $5 to $7 a share, from a previous range set Friday of $7 to $9. That already was reduced from the initial range of $9 to $11. The company still plans to sell 4.4 million shares, to raise between $22 million and $30.8 million.

Based on the midpoint of the proposed ranges, Lindows has slashed the amount it plans to raise by 40%. The company's CEO, Michael Robertson, whose previous venture MP3.com was embroiled in a major legal battle against record labels, has indicated an interest in buying up to $5 million worth of Lindows' stock. In addition, the underwriters -- Roth Capital Partners, JMP Securities, Merriman Curhan Ford & Co. and Kaufman Bros. -- have the right to purchase up to 660,000 additional shares. ...