Loudcloud to Double Number of IPO Shares
Loudcloud
said Friday that it has filed paperwork with the
Securities and Exchange Commission
to double the number of shares in a planned initial public offering to 20 million.
Shares will be priced from $8 to $10 each, down from $10 to $12 previously.
The company, whose co-founders include
Netscape
co-founder Marc Andreesen, manages Internet infrastructures for businesses.
Assuming a midpoint price of $9, Loudcloud said net proceeds would be about $165.8 million, or $190.9 million if the underwriters exercise an option to offer additional shares. Previously, Loudcloud was expecting proceeds of about $100.7 million at an assumed price of $11 a share.
The company, which changed its name from
TheStreet Recommends
VCellar
in late 1999, said after the offering there will be 67.4 million common shares outstanding, not including the underwriters' overallotment.
Morgan Stanley Dean Witter
,
Goldman Sachs
,
Thomas Weisel Partners
and
Epoch Partners
are handling the IPO.
