Tibco raises estimated IPO stock price

The software company boosts its estimated initial stock price to between $14 and $15 per share from $9 and $11 per share previously. Trading is scheduled to begin tomorrow.

Feb. 6, 2002 7:20 a.m. PT

Tibco Software said today it raised its estimated initial stock price to between $14 and $15 per share from $9 and $11 per share previously.

In an amended initial public offering filed with the Securities and Exchange Commission, the Palo Alto, California-based company left the amount of stock to be offered to the public unchanged at 7.3 million shares.

Tibco, whose products enable computer applications to communicate efficiently across the Internet and other networks, has applied to trade on Nasdaq.

The IPO is scheduled to begin trading tomorrow. The offering will be made through Goldman Sachs & Company, Bear Stearns & Company, and Deutsche Banc Alex. Brown.

The company plans to use the net proceeds for general corporate purposes, including working capital and capital expenditures, and for potential investments in and acquisitions of complementary technologies, the filing said.

Tibco Software is a unit of London-based Reuters Group, the global news and information provider, which will continue to hold a majority equity interest, the filing said.