InfoSoft International Inc, Boston developer of software tools for proofing, reference, and information management to improve the productivity of people using textual information in an electronic environment, got its initial public offering of 3m shares away at $15 per share. The company will pay about 80% of the net proceeds to Houghton Mifflin Co and on completion of the offering, Houghton Mifflin will own about 44%; the remainder will be used by the company for research and development, potential acquisitions and working capital but some $4.0m of the net proceeds are expected to be used to buy an eight-year exclusive licence from Microlytics Inc for proofing tools and related products. Credit-Suisse First Boston and Adams, Harkness & Hill Inc are managing the underwriting syndicate.
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