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AvantGo raises $66M
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September 26, 2000: 10:43 p.m. ET
Mobile software provider prices shares at $12, Southern Energy raises $1.28B
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NEW YORK (CNNfn) - AvantGo Inc. surpassed expectations Tuesday, raising $66 million in its initial public offering, while Southern Energy delivered the largest deal of the week.
AvantGo Inc. sold 5.5 million shares at $12, $1 above its expected price range, via lead underwriter Credit Suisse First Boston. The company had planned on offering 5.5 million shares at $9 to $11 each.
San Mateo, Calif.-based AvantGo provides mobile infrastructure software and services that let customers access Internet-based content and applications on mobile phones and handheld devices, such as a Palm.
AvantGo's software is bundled on handheld computers made by Hewlett Packard (HWP: Research, Estimates), Compaq (CPQ: Research, Estimates), Casio, and Symbol Technologies (SBL: Research, Estimates) that use Microsoft's Window CE operating system and the Palm III and Palm V products.
The company licenses its software to companies such as American Express Travel-Related Services, McKesson HBOC (MCK: Research, Estimates) and Ford (F: Research, Estimates).
In 1999, AvantGo posted $4.32 million in sales, mostly from licensing fees, and lost more than $14.1 million. According to an SEC filing, the company had a loss of $30.5 million as of June 30, 2000.
The company plans to trade under the symbol "AVGO."
In the garden of Eden
Eden Bioscience Corp. raised $87 million after pricing 5.8 million shares at $15 each via underwriters led by Merrill Lynch. The company had planned to offer the same number of shares at $12 to $14 each.
Bothell, Wash.-based Eden Bioscience provides technology that it says improves plant protection and crop production globally. The company's first product, Messenger, aims to replace traditional pesticides. The product is water-soluble, degrades rapidly and can eliminate the need for traditional pesticides, the company said in an SEC filing.
Eden competes against other crop protection and treatment companies such as Novartis AG (NVS: Research, Estimates), AstraZeneca PLC (AZN: Research, Estimates), Aventis S.A. (AVE: Research, Estimates), Monsanto Co. and The Dow Chemical Co. (DOW: Research, Estimates) Eden had net losses of $6.8 million on no revenue for the six months ended June 30.
Eden plans to trade under the Nasdaq symbol "EDEN."
Southern Energy tops out
Southern Energy Inc. delivered the largest deal of the week, raising $1.28 billion. Southern Energy exceeded expectations, selling 58 million shares at $22 each. The offering was already raised this week to 58 million shares at $18-to-$20 from the initially filed range of $15-to-$17. Goldman Sachs and Morgan Stanley Dean Witter are co-lead underwriters on the deal.
Atlanta-based Southern Energy provides electrical generation, distribution and management services. The company has a portfolio of power plants that total 12,652 megawatts of generation capacity including plants in the United States, Europe, the Asia-Pacific region, and the Caribbean and South America region.
Southern Energy owns a 26 percent stake in Bewag AG, a German electric utility serving 2.1 million customers in the capital of Berlin.
The parent company of Southern Energy, Southern Co., will hold an 82.4 percent stake after the IPO. Southern Co. (SO: Research, Estimates), the leading U.S. electricity producer, plans to complete the spinoff of Southern Energy by distributing the remaining shares to Southern shareholders within 12 months of the IPO.
Southern Energy plans to trade on the New York Stock Exchange under the proposed symbol "SOE."
Hydril gets energized
Hydril Co., an energy tools company, raised $127.5 million after selling 7.5 million shares at $17 each, the mid-point of its $16-to-$18 price range, via underwriters led by Salomon Smith Barney and Credit Suisse First Boston.
Houston-based Hydril makes the tubes used in oil and gas drilling and production. Hydril also makes pressure control products that control and contain gas pressure during drilling.
The 70-year-old company has 13 manufacturing facilities in the United States, Canada, Indonesia, Mexico, the United Kingdom and Nigeria.
Hydril is profitable, with $6.7 million in net income on $90.3 million in revenue for the six months ended June 30.
The company plans to trade under the Nasdaq symbol "HYDL." 
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