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GSI ups its share offer and sets a price
GSI Commerce Inc. is increasing by 18% the number of shares it will offer in a public sale and has set a price of $17 a share.
Managing Editor, International Research
GSI Commerce Inc. is increasing the number of shares it will offer in a public sale and has set a price of $17 a share.
The company will now sell 3.66 million shares on its own behalf, up from its initial plans to sell 1.81 million. Total share offering will now be 11.85 million, with Softbank Capital Partners and its affiliates selling 8.19 million shares of its stock.
At the time of the announcement of the sale last week, shares were selling at about $18.50, toward the high end of its 52-week range.
The company says it will use the proceeds for working capital and general corporate purposes, including possible acquisitions. The company says it will not receive any proceeds from the sale of the shares by the selling stockholders.