Wireless internet software and services provider Phone.com Inc has completed a secondary public offering of 6.6 million shares at $135 each. Of the total, 2.2 million were sold by the company – raising $297m – and the rest by existing stockholders. The offering was managed by Credit Suisse First Boston Corp, Goldman Sachs & Co, Hambrecht & Quist LLC, BancBoston Robertson Stephens Inc, US Bancorp Piper Jaffray Inc and Banc of America Securities LLC.
Redwood City, California-based Phone.com sells a software suite that enables two-way interactive messaging and the delivery of internet-based information services to mass-market wireless phones. Investor confidence in the company’s offering has given it a market capitalization of $8.45bn just five months after it went public. The $135 secondary offering price represents a 744% increase over the $16 IPO price in June. Phone.com shares fell $8.25 to close at $135.0625 Wednesday.
