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Audible Sets Offering of 4.8 Million Shares

The company should raise nearly $33 million.



announced a public offering of 4.8 million shares of common stock, with 1.5 million shares to be sold by the company and about 3.3 million to be sold by outside shareholders.

Shares of Audible were recently trading down 31 cents, or 1.4%, at $21.89. Based on that price, the company would raise $32.8 million, and outside shareholders would receive $104.5 million.

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Audible, which sells audio content to download on the Internet and transfer to music players, said it intends to use the proceeds from the offering for general corporate purposes and potential acquisitions.

The selling stockholders include Patricof Private Investment Club III; Apax Excelsior VI, a fund raised by Patricof & Co. Ventures; Random House; Bertelsmann Multimedia; Audible CEO Donald R. Katz; and Audible CFO Andrew Kaplan.

Audible and the selling stockholders also granted the underwriters the option to purchase an additional 716,250 shares of common stock to cover overallotments.