@Home Corp, looking to fund its expansion and add to its backbone capability, has filed with the Securities and Exchange Commission to offer 2.5 million shares of common stock. All of the shares are being offered by the company. The offering would net the Redwood City, California internet-over-cable company $112.5m, before expenses. Part of the cash infusion will also be used for general corporate purposes. Following the offering, the company will have roughly 97.5 million shares outstanding. Managing underwriters for the offering are Merrill Lynch and Co and Morgan Stanley Dean Witter. An additional 375,000 shares have been allocated to the underwriters to cover over-allotments. @Home shares responded to the news by dropping $3.25, or 7.2%, to close at $41.75 on Wednesday.
