UPDATE 1-CardioNet sees IPO of 6.6 mln shares at $22-$24 each
(Adds details)
Feb 28 (Reuters) - CardioNet Inc, which provides systems to monitor clinical information about patients' health, registered its initial public offering of 6.6 million shares at an estimated price of $22 to $24 per share.
In an amended filing with the U.S. Securities and Exchange Commission, the company said it plans to sell 3 million shares, while stockholders will sell an additional 3.6 million shares.
The company had initially filed for an IPO in August, 2007.
Assuming about 21.3 million shares outstanding after the offering and an offer price of $23 per share, the mid-point of the estimated price range, CardioNet's initial market capitalization would be about $490.9 million.
The company plans to use part of the proceeds from the IPO to repay debt, acquire or license products and technologies, and for research and development.
Citigroup Global Markets Inc, Lehman Brothers Inc, Leerink Swann LLC and Thomas Weisel Partners LLC are the underwriters for the IPO.
The company said it granted the underwriters an option for 30 days to purchase up to 990,000 additional shares to cover over-allottments.
For fiscal 2007, CardioNet posted a net loss of $358,000 compared with a net loss of $7.6 million in fiscal 2006. It posted a revenue of $72.4 million compared with $33 million in fiscal 2006.
The San Diego, California-based company said it applied for a Nasdaq listing under the symbol "BEAT." (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Deepak Kannan, Vinu Pilakkott)
