Wednesday, August 10, 2011

Carbonite lowers IPO expectations to $89M

By Kyle Alspach, Boston Business Journal

After Carbonite-expected-to-price-IPO-today.html">delaying its initial public offering by at least one day, Carbonite Inc. has drastically lowered pricing expectations for its IPO, which analysts expect the Boston consumer data backup company to complete today.

As market futures predicted a down day on Wall Street Wednesday, Carbonite issued an amended IPO filing detailing a new expected price range of $10 to $11 a share. The company had previously predicted a price range of $15 to $17 a share, for a total fundraise of $122.2 million – if underwriters exercise an option to buy additional shares.

Carbonite’s maximum fundraise figure now stands at $89.4 million, if underwriters buy an additional 937,500 shares.

Just after 11 a.m., the Nasdaq-100 Index had fallen 75.64 points, or 3.5 percent. Carbonite expects to list on the Nasdaq under the ticker symbol, CARB.

Joint book-running managers for Carbonite’s IPO are BofA Merrill Lynch and J.P. Morgan Securities LLC. In addition, William Blair & Co. LLC, Canaccord Genuity Inc., Oppenheimer & Co. Inc. and Pacific Crest Securities Inc. are acting as co-managers.