Rosetta Stone Prices IPO
Arlington-based Rosetta Stone set a price range for its initial public offering that at its midpoint values the company at $100 million. The seller of language programs said in a regulatory filing that it plans to price its shares at $15 to $17 a share and that 6.25 million shares will be sold, half by the company and half by selling stockholders. Shares will trade under the symbol "RST."
The company, which had 2008 revenue of $209.4 million, said it will use $9.9 million of the IPO money to pay off a credit facility, $7 million for taxes associated with grants to executives, and the rest for "general corporate purposes," which may include acquisitions.
Only two companies have gone public so far in 2009. It appears no local company has had an IPO since American Capital Agency did it almost a year ago, on April 15.
April 1, 2009; 10:42 AM ET
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