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Endurance Expects To Price IPO In Range Of $14 And $16 Per Share

Edurance international group said it expects to sell 23.4 million shares in a range of $14 and $16 per share in its initial public offering.

The Burlington, Massachusetts-based company said it has applied for listing of its common stock on the Nasdaq Global Market under the symbol under the symbol "EIGI".

The company, which was founded in 1997, expects to report net loss in a range of $28.9 million-$30 million and revenue to be in a range of $130 million-$131 million for the three months period ended Septemebr 30, 2013.

The communications infrastructure company expects to generate as much as $430.4 million in proceeds and those will be used to repay $286.3 million in debt and satisfy obligations related to its acquisition of Directi Web Technology Pvt. Ltd., as well as for general corporate purposes.

The company said that on December 22, 2011, investment funds and entities affiliated with either Warburg Pincus or Goldman Sachs acquired a controlling interest.

Goldman Sachs, Credit Suisse and Morgan Stanley are the joint bookrunners on the deal.

by RTTNews Staff Writer

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