Internet airline ticket service Priceline.com Inc said Thursday that it will offer up to 10 million shares in its upcoming IPO and has set a price range of $7 to $9 per share. The underwriters – Morgan Stanley Dean Witter, BancBoston Robertson Stephens, Donaldson Lufkin & Jenrette and Merrill Lynch – have been granted an over-allotment option to purchase up to 1.5 million additional shares.
If the offering is oversubscribed, Priceline stands to make about $84.3m at an $8 offering price. The company says net proceeds will be used for working capital and general corporate purposes and reckons the cash will be enough to fund its operations for at least the next three years, according to a regulatory filing. Stamford, Connecticut-based Priceline, which runs an online bidding service for plane tickets and hotel rooms, will have 142. 3 million shares outstanding after the offering.
