Vendor sets cogs in motion for the auction of its common stock in preparation for IPO

NetSuite has announced today that the auction for its proposed Initial Public Offering (IPO) of its common stock has started.

The on demand software vendor revealed that it expects the offering to price after the stock market closes around Wednesday 19 December. But earlier reports said the vendor is hoping to raise in the region of $99m.

Credit Suisse Securities will act as sole book-running manager for the offer and NetSuite intends to offer 6.2 million shares of its common stock in the deal.

The vendor and its selling stockholders have also granted to underwriters a 30-day option to purchase up to an aggregate of 930,000 additional shares.