NetSuite ups IPO pricing

Industrial Distribution staff -- Industrial Distribution, 12/18/2007 6:20:00 AM

Netsuite Inc. increased the share price for its initial public offering from $13-$16 a share to $16-$19 per share, according to a filing with the federal Securities and Exchange Commission.

The San Mateo, Calif.-based business software maker, which is majority-owned by Oracle Corp. CEO Lawrence Ellison, said it plans to use the expected $100 million in proceeds from the offering to pay down debt and make up to $15 million in capital expenditures.

Ellison’s 65 percent stake in the company will be placed in a so-called “lockbox,” a voting trust that will eliminate his voting control over most company matters. Ellison will have a say in “a change of control transaction, dissolution, sale of substantially all of the Company's assets or liquidation" for as long as he is an officer or director of Oracle, according to filings with the SEC.

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