NaviSite Inc. (Proposed ticker: NAVI), a Web site developer, priced its initial public offering at $14 a share late Thursday, at the high end of its revised range of $12 to $14 a share.
NaviSite offer 5.5 million shares of common stock to the public in the offering and has allotted the underwriters an extra 550,000 shares in the event of heavy demand.
NaviSite said it plans to use the net proceeds from the IPO, now an estimated $64.9 million, to improve and expand its network infrastructure, expand sales and marketing activities including hiring new personnel, enhance application management and technical expertise, for working capital and general corporate purposes.
The underwriters include Robertson Stephens, Hambrecht & Quist and FAC/Equities.
Reuters contributed to this report.>