Expert Software Inc, Coral Gables, Florida got its offer of 2.7m shares, 1.7m of them new away right at the top of its target range of $10 to $12 a share and when trading began, the shares jumped to $15.375. The publisher of some 50 budget-priced consumer software products for everyday tasks says it is planning to use the $18m or so net proceeds to repay debt and to redeem preferred stock, and for working capital. Underwriters for the issue were Hambrecht & Quist Inc and Piper Jaffray Inc.
Tekelec Inc, Calabasas, California developer of diagnostic and network switching systems has filed to offer 1.75m new shares and will use the net proceeds of at least $35.47m for working capital, product development and acquiring capital equipment. The underwriters will be Alex Brown & Sons Inc, Volpe, Welty & Co and Cruttenden Roth Inc.
Millicom International Cellular SA announced that it has sold 3.1m shares, 3m of them new, at $26.125 per share to raise some $72m net for investing in its cellular telephone operations. Managing underwriters for the offering are Morgan Stanley & Co International Ltd and S G Warburg Securities Ltd.
