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Bentley Systems Inc.,
a provider of software products and collaborative services
for architects and engineers, filed a registration statement
with the federal Securities and Exchange Commission on April
23 seeking approval for an initial public offering of up to
$172.5 million of common stock.
The SEC will investigate the filing
documents and must ensure that Exton, Pa.-based Bentley has
met its fair disclosure rules before the offering can be declared
effective.
The expected price and total number
of shares to be offered, if the IPO is approved, has not been
disclosed, but if it goes through the shares will trade on
the New York Stock Exchange under the proposed symbol BSS.
The IPO will be handled by Lehman Brothers, Deutsche Bank
Securities, SG Cowen and Wachovia Securities.
According to the preliminary prospectus,
Bentley intends to use the proceeds of the sale to help fund
its proposed acquisition of Walnut Creek, Calif.-based Rebis,
maker of software for process plant design and instrumentation.
Bentley already holds a 12.5% stake in Rebis and has an option
to acquire the remainder. Other proceeds will be used to pay
off debt, and for general corporate purposes, capital expenditures
and strategic acquisitions, according to the filing.
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