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NETSOURCE PLANS ITS IPO WITH 3M SHARE OFFERING

NEW YORK-NetSource Communications Inc. was expected to go public late last week with a 3.5 million share offering of common stock priced between $13 and $15 each. Deutsche Morgan Grenfell, New York, is lead underwriter.

NetSource, headquartered in San Francisco, plans to expand its telecommunications network by deploying up to 14 additional switches in Europe, Asia and North and South America.

Besides long-distance calling, it offers value-added telephony services, including travel card, cellular reorigination, data transmission, inbound toll-free 800 and private line services, according to a description provided in the company’s registration filings with the Securities and Exchange Commission.

NetSource also offers a variety of Internet-based Web architecture, development, maintenance and content products.

The company said that a portion of the proceeds of the initial public offering will be used to deploy an Internet backbone.

In addition, capital raised by the IPO will be used for the company’s capital expenditures, network upgrade and other general purposes.

In September, NetSource entered into a memorandum of understanding with British Telecommunications plc to provide electronic commerce solutions to BT’s finance sector customers. NetSource said it “expects to obtain additional customers referred by BT.”

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