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Netflix sets IPO at 5.5 mln shares, $13-15 each | |
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| Time: 14:59 EST/19:59 GMT | News Source: Associated Press | Posted By: Alex Harris | ||
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Online movie rental company Netflix Inc. said Tuesday it would sell 5.5 million common shares, priced between $13 and $15 each, in an initial public offering which could raise up to $82.5 million. The Los Gatos, California-based company disclosed the IPO terms for the first time in an amended prospectus with the U.S. Securities and Exchange Commission (news - web sites), after first filing to go public in March. Netflix, which has more than 600,000 subscribers, said it had applied for a Nasdaq listing under the symbol "NFLX". Merrill Lynch, Thomas Weisel Partners and U.S. Bancorp Piper Jaffray are underwriting the offering and can purchase an additional 825,000 shares to cover over-allotments. Netflix said it plans to use the IPO proceeds to repay about $14 million in debt and for general corporate purposes, including working capital. Customers choose from more than 11,500 film titles, via the company's Website www.netflix.com, and receive their choices on DVDs through the mail, with a prepaid envelope to return the movies. | ||
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