Saturday, November 03, 2007

Deltek IPO news coverage

In chronological order:

IPOs planned
Deltek Inc., Herndon, Va.: 9 million shares, priced $17 to $19, managed by Credit Suisse. Proposed Nasdaq symbol PROJ. Business: Provider of enterprise applications software and services designed for project-focused organizations.

Deltek Prices Initial Public Offering
HERNDON, Va.--(BUSINESS WIRE)--Nov. 1, 2007--Deltek, Inc. (NASDAQ:PROJ), today announced the pricing of its initial public offering of 9,000,000 shares of its common stock at $18.00 per share. Of the shares offered, 3,009,475 were offered by Deltek and 5,990,525 were offered by selling shareholders. In addition, the underwriters have been granted a 30-day over-allotment option to purchase up to an additional 1,347,820 shares from the selling shareholders.

Deltek's common shares will begin trading November 1, 2007 on the NASDAQ Global Select Market under the trading symbol "PROJ". The offering is expected to close on November 6, 2007, subject to customary conditions.

Deltek IPO nets more than $50 million - Washington Business Journal:

Deltek Inc. raised $54 million in its IPO.

Shares were priced at $18 a piece, the midpoint of the forecasted range, and the Herndon software company began trading Thursday on the Nasdaq stock exchange (NASDAQ: PROJ).

Deltek said it would sell 9 million shares, but 6 million are offered by selling shareholders, including management and directors.

The company said it will not get any proceeds from the selling shareholders' stock but may get $3.8 million from options the shareholders plan to exercise, according to a filing with the Securities and Exchange Commission.

Three private equity funds, called the New Mountain Funds, currently own 74 percent of the company's common stock. After the IPO, the funds will own 59 percent of Deltek's outstanding shares.


Deltek plans to use the proceeds from the IPO to repay a $235.9 million debt.


The company said its third-quarter financial report is not complete, but it expects to report revenue of about $70 million in the quarter ended Sept. 30, compared with $55 million in the year-ago quarter.

UPDATE 1-Deltek shares fall in market debut | News | New Issues & IPO's | Reuters

Shares of software maker Deltek Inc (PROJ.O: Quote, Profile, Research) fell in their market debut on Thursday, a day after an initial public offering that raised $162 million.

Shares were flat at $18 per share when the market opened, before falling as low as $17.01 a share. In midday trading, Deltek's shares were trading at $17.93.

IPO Roundup: Deltek
NEW YORK (AP) _ Shares of Deltek Inc. dipped in their first day of trading Thursday, a down day in the broader market, after the business software maker's initial public offering priced at the midpoint of the expected range.


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