Linux Web Resource Firm to Go Public
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Andover.Net Inc., which has a network of Web sites about the Linux computer operating system and other so-called open-source software, filed to sell a 27% stake to new investors in an initial public offering.
Acton, Mass.-based Andover.Net plans to sell 4 million shares for $12 to $15 each and expects to raise about $49.6 million after expenses, the company said in its IPO filing with the Securities and Exchange Commission. With 15 million shares outstanding, the company would have a market value of just more than $202 million if shares sell for $13.50, at the middle of the expected price range.
Durham, N.C.-based Red Hat Inc., which sells a commercial version of Linux and provides technical support and services, has seen its shares rise almost eightfold since going public last month at $14 per share.
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