Yahoo! Finance today is reporting on storage vendor 3Par’s initial public stock offering
Data storage company 3Par Inc. said Friday it plans to raise about $81 million in an initial public offering of 7.5 million shares, according to a filing with the Securities and Exchange Commission.
…3Par expects the offering to price between $11 and $13 per share. The company has granted the underwriters the option to buy up to an additional 1.1 million shares to cover any overallotments.
Assuming an offering price of $12 per share, 3Par expects proceeds of about $81 million, or $93.6 million if the underwriters fully exercise their overallotment option.
3Par plans to use IPO proceeds for working capital and other general corporate purposes, including funding capital expenditures, developing new products and repaying debt.