Ellison's NetSuite raises IPO price range again

Company has raised IPO price range by 46 percent since its initial setting earlier this month. NetSuite plans to set final price after market close Wednesday.

NetSuite's IPO auction has apparently attracted strong interest from investors, as the company prepares to set the final IPO price after market close Wednesday.

The on-demand enterprise applications company, backed by Oracle's Larry Ellison , has raised its pricing range by 46 percent from its initial pricing range of $13 to $16 a share that was announced on December 5.

The range was raised Tuesday to $16 to $19 per share. And it was raised a second time Wednesday to $19 to $22 a share, according to a Securities and Exchange Commission filing.

NetSuite could begin trading as early as Thursday, under the ticker symbol "N" on the New York Stock Exchange.

Investors are apparently eager to snap up the 6.2 million shares that NetSuite is offering. NetSuite could raise as much as $136.4 million, should the initial public offering be priced at the high end of the range.

As the day progresses and the close of the market draws near, it will be interesting to see whether NetSuite again raises the price range before setting the final IPO price. And although, as the company notes, it reserves the right to change the final pricing date, it can't push it back much further given the holiday crunch time that's approaching.

 

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