In the Valley, They Say, Larry’s Small Heart Grew Three Sizes That Day
Larry Ellison’s other company is finally going public. Today, NetSuite–the software-as-a-service company of which Ellison is a majority owner–opened bidding on the 6.2 million common shares it plans to sell in a modified Dutch auction.
Assuming the IPO goes off as planned–and given the healthy market for tech IPOs, there’s every reason to believe it will–NetSuite shares will price out in the range of $13 to $16, raising the company some $99 million with which to pay off some debt, make new investments and further enrich Ellison, who controls about 60% of NetSuite’s outstanding stock.
To be fair, though, he does plan to set aside some 31.9 million shares for charitable purposes–perhaps another $115 million pledge to make and then withdraw from Harvard University?