Just curious. Anyone planning to participate in the NetSuite IPO.? This company, for those of you that don't know, is considered by some as the cousin to Salesforce.com, demonstrating another Software as a Service type business model. Larry E. from Oracle is a primary controller of this company.
UPDATE 1-NetSuite sees auction IPO pricing on Dec 19
NEW YORK, Dec 10 (Reuters) – NetSuite Inc, a company controlled by Oracle (ORCL.O: Quote, Profile, Research) chief Larry Ellison, said on Monday it expects its initial public offering to be priced after the market closes on Dec. 19.
The software maker is conducting the offering as a modified Dutch auction, which allows investors to set the offering price in contrast to the typical format where underwriters decide the final IPO price.
The auction process, which is being managed electronically through a dedicated Web site http://www.netsuiteipo.com, kicked off on Monday, the company said in a statement.
NetSuite, in a filing with the U.S. Securities and Exchange Commission, last week said it expects the 6.2 million share offering to price for between $13 and $16 a share.
Underwriters, led by Credit Suisse Securities and W.R. Hambrecht & Co as co-manager, have the option to purchase an additional 930,000 shares to cover overallotments.
While not common, auction-based IPOs have been used for some high-profile IPOs. Options-trading firm Interactive Brokers Group (IBKR.O: Quote, Profile, Research) raised $1.2 billion earlier this year, and Google Inc (GOOG.O: Quote, Profile, Research) used a modified auction format in its 2004 offering.
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