|DVIN cuts range:|
Friday July 7, 3:26 pm Eastern Time
Divine Interventures to cut IPO range - underwriter
NEW YORK, July 7 (Reuters) - Divine Interventures Inc., which invests in Internet-related companies, is cutting the price range of
its highly anticipated initial public offering to $9 to $10 per share, lead underwriter Robertson Stephens said on Friday.
The lowered price range will be filed with the Securities and Exchange Commission on July 10, Robertson Stephens said. The
underwriter declined to give further details.
When Divine last filed with the SEC on June 29, it said it planned to offer 14.285 million shares in an expected pricing range of $13 to
When the Lisle, Ill.-based company initially filed its IPO plans with the SEC in February, it planned to sell 50 million total shares in a range of $6 to $8 per share. In early April, the company added 15.9 million shares to the offering based on demand. On June 5, the company said it planned to sell about 36 million shares, with 14.28 million being sold to the public at $13 to $15 per share. Credit Suisse First Boston had been lead underwriter until Robertson Stephens took over.
The company plans to sell its shares on the Nasdaq under the symbol ``DVIN'' (NasdaqNM:DVIN - news).