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NetSuite names IPO date

As previously reported by IT PRO late last week, the Software as a Service (SaaS) provider has now confirmed the start of its pricing beauty parade, and will announce its final price on 19 December.

By Miya Knights, 10 Dec 2007 at 15:14

The hosted business software vendor, NetSuite has today announced the auction for its initial public offering (IPO) has commenced.

The company expects the offering to price after the New York stock market closes on or about 19 December 2007.

The software-as-a-service (SaaS) provider released details for its Google-style IPO auction last week, saying that it was expected to raise $99 million (£50 million) from the sale of 6.2 million shares, or around 10.4 per cent of the business, valuing the whole company at close to $1 billion.

NetSuite confirmed it plans to use some of the proceeds to pay off an $8 million (£3.94 million) balance on a line of credit with Tako Ventures, an entity controlled by Oracle chief Larry Ellison, as NetSuite's majority owner.

The rest will be used to fund acquisitions and the expansion of its local presence around the world, it said in materials listed on its IPO website.

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