Bitstream Inc, Cambridge, Massachusetts developer of electronic print fonts and font technology, got its initial public offering of 2.1m shares away at $6.00 per share and plans to use net proceeds of $11m or so to repay debt and for working capital. Underwriters are Volpe, Welty & Co and Advest Inc.
Ingram Micro Inc, the big Santa Ana, California distributor, was due to price its initial public offering yesterday, but ahead of the event, the company raised the target range to $17 to $19 per share from $14 to $16 as queues formed for one of the very few real quality new issues this year. It is offering 20 million shares through Morgan Stanley & co.
Netscape Communications Corp knows that while some of the Internet froth may be off its share price now, in any glimmmer of a bear market, its shares would still be savaged, and the Mountain View company and some of its major shareholders are looking to cash in before the bear escapes his cage: it has filed with the US Securities & Exchange Commission to offer 5 million shares, 2 million of them new, to raise some $90m net given a current share price of $46.25. Selling stockholders are Adobe Systems Inc, TCI Netscape Holdings Inc, Knight Ridder Investment Co and Hearst Corp. Underwriting will be managed by Morgan Stanley & Co Inc, Deutsche Morgan Grenfell Inc, Goldman, Sachs & Co and Hambrecht & Quist LLC.
