NetSuite IPO Prices at $26 Per Share
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NetSuite priced its initial public offering at $26 per share, raising $161 million for its online business software service.
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Google, the world&#39;s most popular Web search engine, has slashed the price range on its eagerly awaited initial public offering to between $85 and $95 per share from between $108 and $135 per share.
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Hosted business software provider NetSuite hopes to raise $75 million in an initial public offering.
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After 18 months of bickering, litigation, executive shuffling, antitrust rulings, and revised offers from Oracle, the PeopleSoft Board finally decided to accept Oracle&#39;s most recent offer of $26.50 per share.
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Google's IPO share price is set at $85, the bottom of its projected range, as the Internet search engine goes public.
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BEA Systems reiterated on Friday that it would not accept&#160;Oracle&#39;s $17 per share acquisition bid, and also said it would allow&#160;a deadline Oracle had set for Sunday 5 p.m. PDT&#160;to expire.In a public statement -- just the latest salvo in merger talks that have had a distinctly icy quality -- BEA&#39;s vice president of planning and development, William Klein told Oracle President Charles Phillips that the company&#39;s offer was &quot;unacceptable.&quot;&#160;BEA has said it would accept a $21 per share bid.That would result in an $8.3 billion price tag for the company, significantly more than Oracle&#39;s offer, which works out to $6.7 billion. BEA&#39;s stock was trading at about $16.80 per share midday Friday.&quot;As fiduciaries, our Board cannot endorse a proposal that it has concluded significantly undervalues BEA,&quot; Klein said in the statement. &quot;We therefore assume that your proposal will expire on October 28.&quot;An Oracle spokeswoman could not immediately be reached for comment.
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Google Inc.'s GOOG.O initial  public offering of 19.6 million shares priced at $85 each, the  low end of their projected range, a source familiar with the  auction said on Wednesday, raising $1.67 billion and making it  the fourth-largest U.S. IPO this year.
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Oracle made its âbest and finalâ offer of $24 per share of PeopleSoft today (November 1). The all-cash offer values PeopleSoft at $9.
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NEW YORK/SAN FRANCISCO  - Google Inc., the most  popular Internet search engine, raised $1.67 billion on  Wednesday in its long-awaited IPO after slashing the price and  size of an offer beset by missteps and poor market conditions.
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Earlier Wednesday, Google cut the range of its IPO price to $85-$95 per share from $108-$135 per share and the number of shares that will be sold from 25.7 million to 19.6 million. The cuts mean Google could raise about $1.8 billion in ...
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On Wednesday, the company&#39;s shares (NYSE: DWA) were priced at $28, according to media reports. That was above the $23 to $25 range predicted.
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Internet data analysis company WebSideStory Inc. cut its expected initial public offering price to $8 to $9 a share from $10 to $12, it said in a regulatory filing Wednesday.
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Blackstone Group LP  priced its initial public offering at the top end of the range on Thursday, even as lawmakers pushed for its delay, raising $4.13 billion in the largest U.S. IPO since 2002.
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NetSuite Inc , a business  software maker majority-owned by Oracle Corp  Chief  Executive Larry Ellison, surged almost 37 percent in its market  debut on Thursday, a day after its initial public offering  priced far higher than expectations.
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Blackstone Group LP  priced its  initial public offering at the top end of the range on  Thursday, even as lawmakers pushed for its delay, raising $4.13  billion in the largest U.S. IPO in five years.
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In the last full trading week of the year, the NetSuite IPO, acquisition news and earnings reports from Oracle, Palm and RIM highlighted technology sector gains, but also concerns for 2008.Oracle on Wednesday reported net income of $1.3 billion for the quarter ending Nov. 30, up 35 percent from a year earlier. The report validated its acquisition strategy at the end of what is bound to be a record year for M&amp;A in the tech sector.&#160;Oracle&#39;s results&#160;show it is leveraging homegrown as well as acquired products, cross-selling a broad variety of business applications. Company shares closed Thursday at $22.10, up by $1.34.The U.S. Federal Trade Commission&#39;s approval on Thursday of&#160;Google&#39;s acquisition of online ad-server DoubleClick&#160;helped boost Google shares by $12.32, to close at $689.69, even though the deal requires other government body approvals.Through November 2007, tech M&amp;A amounted to about $449 billion, close to the total for 2006, according to a report released this week by the 451 Group. With a strong December for M&amp;A, 2007 &quot;could be the first year in tech M&amp;A history to top a half-trillion dollars&#39; worth of transactions,&quot; according to the report.There are a variety of reasons for the banner M&amp;A year, but underlying them all were strong vendor earnings. But next year will likely see a slowdown in deals.The U.S. housing slump and resulting turmoil in financial markets has raised fears of an overall slowdown in the economy. This could affect consumer and business buying plans as well as the financial results of tech vendors.&quot;There&#39;s a sense of muted expectation,&quot; according to the 451 Group&#39;s Brenan Daly. &quot;Corporate buying activity reflects to some degree consumer activity. If you are flush with cash and expecting good things from the economy, chances are you&#39;re more willing to go out buying.&quot;Meanwhile, the&#160;IPO of software-as-a-service vendor NetSuite&#160;on Thursday reflected a year for public offerings that was ultimately stronger than expected. Company shares closed at $35.50 after opening at $26.00. IPOs this year underscored confidence in sectors such as SaaS and storage, noted the 451 Group report. In the SaaS arena, SuccessFactors and DemandTec had strong IPOs. In the storage sector, Data Domain and 3Par had solid IPOs, 451 noted.But the same factors that are likely to contribute to a slowdown in M&amp;A will also probably cause a slump in IPO activity in 2008.Most IT market researchers are forecasting a slowdown for at least the first half of next year. Growth in U.S. IT investment, for example, will drop to 4.8 percent in 2008 from 5.3 percent in 2007, according to Forrester Research.In a year of tepid sales, only the best-run companies are expected to have the full confidence of investors. This week&#39;s earnings reports from Palm and RIM are a case in point. Palm shares dropped to their lowest point in four years on Wednesday, closing at $5.52, after the company reported a quarterly loss of $9.6 million for the quarter ending Nov. 30. Last year the company earned $12.8 million for the period. Palm stock has dropped about 50 percent in the past two months.Reporting Thursday on the same quarter, RIM said BlackBerry sales boosted earnings to $370.5 million, compared to $175.2 million last year. Shares jumped by about $10 in after-hours trading, about an hour after the announcement.Handset markets are booming, but vendors face some of the same pressures as PC makers: Competition has lowered margins. Vendors need to get it all right: good products, good management, and well-managed logistics.&quot;We view RIM as extremely well-positioned due to carrier partnership strategy, talented management and technology,&quot; said Citi Investment Research in a market commentary. On the other hand, Citi fretted that &quot;we are increasingly concerned with Palm&#39;s internal controls.&quot;Especially in the most competitive sectors -- such as PCs, handheld devices, telecom and Internet-based businesses -- 2008 will leave much less room for error than 2007, which, despite economic turmoil, turned out to be a strong year for tech earnings overall.&#160;
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NetSuite on Wednesday set the initial price of its stock at $26, greatly exceeding its original estimate.The company is selling 6.2 million shares of stock. It said in a filing with the U.S. Securities and Exchange Commission that the proceeds from the sale would net it $151.9 million after expenses.NetSuite, which sells a line of hosted business software, company initially set the suggested price range for its stock at $13 to $16, and&#160;subsequently raised it&#160;to $16 to $19 and&#160;then $19 to $22. The stock is now trading on New York Stock Exchange under the symbol &quot;N.&quot; After rising to $39.01, shares had dropped to $25.76 at 10 a.m. Eastern Time.The company set the price by running an&#160;online &quot;Dutch&quot; auction, in the same fashion of search giant Google, instead of having underwriters set the price.Scott Sweet, managing director of IPOboutique.com, a firm that tracks the IPO market and offers investment advice, said NetSuite is greatly overvalued as a result of the auction.&quot;Once again the Dutch auction concept failed to live up to its self-described mantra as being a better conduit in the pricing of an IPO by the investors than the standard method of pricing by the underwriters,&quot; he said in an e-mail message Thursday. &quot;In past Dutch auction deals, and it appears the same in this case, investors put in overzealous high bids to &#39;beat&#39; others in a scramble to get shares. In doing so, it is highly likely that it has greatly diminished the IPO&#39;s performance and highly overvalued the company.&quot;NetSuite has said it plans to use proceeds from its IPO to pay off an $8 million balance on a line of credit with Tako Ventures, an entity controlled by Oracle CEO Larry Ellison, and to possibly make acquisitions.Ellison controls about 60 percent of NetSuite&#39;s outstanding stock -- some 31.9 million shares.NetSuite said Wednesday that Ellison has now completed the transfer of those shares into a holding company, NetSuite Restricted Holdings. The move is meant to &quot;effectively eliminate&quot; Ellison&#39;s voting power and avoid potential conflicts of interests, NetSuite said.