NetSuite sets IPO price at $26 per share

Industrial Distribution staff -- Industrial Distribution, 12/20/2007 5:33:00 AM

NetSuite Inc. set the price for its initial public offering of 6.2 million shares at $26 per share, with an underwriters’ option to buy an additional 930,000 shares.

Demand for the San Mateo, Calif.-based business software maker’s stock proved higher than the company anticipated when it initially set a price in the $13 to $16 range; the company then raised the price to $16 to $19 and once more to $19 to $20 before announcing the final price as shares began trading Dec. 20.

At the $26 price, the company stands to raise roughly $161.2 million.

NetSuite is aiming for the small to mid-sized business market, hoping to take market share from SAP, the MarketWatch Web site reported.

"IPOs are always exciting," SAP CEO for the Americas, Asia Pacific and Japan Bill McDermott said. "The question is not going to be what happens today. When the party is all over, who is going to be standing five, 10 years from now? When they stare into the teeth of the competition, it would be interesting to see how exciting the party is five years from now."

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