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Electronic brokerage


filed an amendment to the company's registration statement for an initial public offering, indicating that the



unit hopes to price the shares in the issue at $11 to $14 each.

Instinet first

filed for the IPO in February. According to the amended statement, which was filed with the

Securities and Exchange Commission

, the company will offer up to 33.9 million shares, including the overallotment option. The shares will represent about 14.1% of Instinet's capital stock outstanding after the IPO.

At the top of the range, the offering would generate about $475 million, around $150 million of which would go to repay debt owed to Reuters, a news and information company. The price range for the proposed IPO would imply a market value of about $2.6 billion to $3.4 billion for all of Instinet.

Reuters, which is based in London, is still planning to take Instinet public in the first half of this year. The American depositary shares of Reuters dropped $5.31, or 7.4%, to $66.88 in recent


trading, within sight of the 52-week low of $63.19.