E2open sees IPO priced at $15-$17 a share

Reuters News
Posted: Jul 13, 2012 7:55 AM
E2open sees IPO priced at $15-$17 a share

(Reuters) - Cloud-based software maker E2open Inc said it expects its initial public offering of 4.7 million shares to be priced at $15 to $17 each.

At the midpoint of the expected price range, the company expects to raise $75 million from the IPO, E2open said in an amended filing with the U.S. Securities and Exchange Commission.

The company, which makes supply chain software and has clients such as Boeing Co <BA.N>, Cisco Systems <CSCO.O>, Dell Inc <DELL.O> and IBM <IBM.N>, had filed to raise up to $86 million in February.

The IPO market had been dampened in recent times due to the European debt crisis and an overall sluggish global economic growth. The much-hyped Facebook IPO <FB.O> tumbled in its debut on the Nasdaq while motor sport racing company Formula One and London luxury jeweler Graff Diamonds have scrapped their IPO plans.

However the U.S. IPO market seems to be regaining pace since June with companies like Coty Inc, Delek Logistics LP, Hi-Crush Partners LP, EQT Midstream and Natural Grocers Inc filing to go public.

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E2open said it expects to use the net proceeds from the IPO to repay outstanding debt and fund capital expenditure.

The company expects to list on the Nasdaq under the symbol "EOPN". Bank of America Merrill Lynch will be the lead underwriter to the offering.

(Reporting by Avik Das in Bangalore; Editing by Supriya Kurane)