|DVIN prices at $9:|
Tuesday July 11, 6:51 pm Eastern Time
Divine InterVentures prices ipo at $9/shr
NEW YORK, July 11 (Reuters) - Divine InterVentures Inc. (NasdaqNM:DVIN - news), the highly watched internet and e-commerce company incubator, finally priced on Tuesday at $9 per share, at the bottom of its expected range, after several delays and changed expectations.
The company raised $128.57 million by selling 14.285 million shares. Last week, the Lisle Ill.-based company changed its expected price range to $9-$10 per share from $13-$15 per share.
The company was expected to price last Friday, and then again on Monday, but lead underwriters Robertson Stephens delayed the pricing each time.
Credit Suisse First Boston was the initial underwriters on the pricing, but Divine InterVentures chief executive Andrew ``Flip'' Filipowski, decided to change to Robertson Stephens.
When the company initially filed its IPO with the Securities and Exchange Commission in February, it planned to sell 50 million total shares in the range of $6 to $8 per share. The company subsequently altered the price range and the amount of shares it would sell, settling on 36 million, 14.28 million of which were offered to the public.
Divine InterVentures, which will trade under the symbol ``DVIN'' on the Nasdaq exchange, invests in internet and e-commerce companies.