Wednesday, December 19, 2007

Netsuite Prices IPO

San Mateo-based software firm Netsuite said in a filing with the SEC late Wednesday that it has raised its offering price to $26 per share in its IPO, well above the initial $13 to $16 range the firm had forecast in its offering. The IPO, which was underwritten by Credit Suisse and WR Hambrecht + Co., is expected to start trading on Thursday, and will net the firm $161M. The firm, which will trade as "N" on the New York Stock Exchange, is backed by Oracle's Larry Ellison through his Tako Ventures investment firm; the firm's other major investor was StarVest Partners. NetSuite is a provider of ERP, CRM, and other software for the enterprise market.