Netsuite goes Dutch on IPO
What credit crisis?
Netsuite is going ahead with its auction IPO with the help of Credit Suisse Securities.
The "modified Dutch auction" - a similar set-up to Google's launch of its initial public offering - runs until Wednesday 19 December. The online software company is releasing 6.2m shares of common stock - underwriters also get a 30-day option to buy up to 930,000 additional shares.
Netsuite set a pricing range of between $13 and $16 but a final price won't be set until after the auction closes on 19 December.
If shares do sell within that range the firm will raise just under $100m. Shares will list on the New York Stock Exchange using the symbol "N".
The auction is open to individual investors as well as institutions, with the minimum bid as 100 shares.
The company offers online, hosted business services like customer relationship management, accounts, sales automation and inventory management aimed at small and medium businesses.
The company will use the cash to pay off debts and possibly to acquire other businesses. More here. ®