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PeoplePC raises $85M
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August 15, 2000: 11:11 p.m. ET
Personal computer maker prices at low end; O2 Wireless raises $73.2 million
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NEW YORK (CNNfn) - Personal computer maker PeoplePC Inc. priced its initial public offering Tuesday, raising $85 million.
PeoplePC Inc., which was originally expected last week, sold 8.5 million shares at $10 each, via underwriters led by Chase H&Q. PeoplePC priced at the lower end of its $10 to $12 range, down from the originally filed 11.5 million shares at $12 to $14.
San Francisco-based PeoplePC Inc. offers cheap personal computers as a way to attract new Internet users. Customers need only sign a three-year contract and can pay as little as $24.95 a month in a membership agreement. In April, the company inked an agreement with Ford Motor Co. where it will provide computers to 365,000 Ford employees and has a similar deal with Delta where it will provide computers to 75,000 employees.
Major investors include Ford Motor Co. (F: Research, Estimates) and Japan's Softbank Corp. The company plans to trade under "PEOP."
O2Wireless Solutions also priced its deal on the low end, raising $73.2 million. O2Wireless priced 6.1 million shares $12 each, also through underwriters led by Chase H&Q. The company had planned to sell 6.1 million shares at $12 to $14.
Atlanta-based O2Wireless Solutions provides networking services, such as design and deployment of networks, for wireless network clients in the telecommunications industry. Customers include Nortel Networks Corp. (NT: Research, Estimates), Sprint PCS (PCS: Research, Estimates) and Carolina PCS.
The company plans to trade under "OTWO." 
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