Neutral Tandem (News - Alert), Inc. has announced a price of $14.00 per share for its IPO of 6,649,928 shares of common stock. A total of 6,250,000 shares will be sold by Neutral Tandem itself, while 399,928 will be sold by selling stockholders.

 

Neutral Tandem will not receive any proceeds generated from the sale of shares by the selling stockholders. The underwriters have 30 days within which to purchase up to an additional 997,489 shares at the IPO price, minus the underwriting discount. The Company's common stock was expected to begin trading today on the NASDAQ Global Market under the symbol "TNDM”, and was expected to close on or near November 7.

 

A registration statement relating to the offering was filed and declared effective by the Securities and Exchange Commission. Morgan Stanley & Co. was the sole book-running manager for the offering. CIBC World Markets Corp. acted as co-lead manager. Raymond James & Associates, Inc., William Blair & Company, LLC and Thomas Weisel Partners LLC acted as co-managers. The offering is being made by means of a prospectus. Copies can be obtained by contacting Morgan Stanley & Co., 180 Varick Street, New York, NY 10014; Attention: Prospectus Department or by email at prospectus@morganstanley.com.