NEW YORK-Premiere Technologies Inc. sold an initial public offering of 3.5 million shares of common stock on March 5 at $18 each. The share price was well above the $10 to $12 range anticipated last month when the company released its preliminary offering statement.
The new stock issue raised $117 million before deducting expenses associated with the offering, including commissions for underwriting syndicate participants. Alex, Brown & Sons of Baltimore, and Donaldson, Lufkin & Jenrette of New York, were co-senior managers of the deal.
Premiere Technologies, based in Atlanta, provides systems that integrate various modes of communication into one device. The company markets its services through arrangements with companies like Arch Communications Group Inc., a nationwide paging services provider, which also tapped the public capital markets last week with a $200 million bond issue. The arrangement between Arch and Premiere began in January.