December 19, 2007 / 11:31 PM / 12 years ago

NetSuite Inc IPO raises $161 mln, well above range

NEW YORK, Dec 19 (Reuters) - NetSuite Inc, a software company controlled by Oracle ORCL.O Chief Executive Larry Ellison, on Wednesday raised $161 million with an initial public offering that priced much higher than expectations.

The 6.2 million share offering sold for $26 per share, according to an underwriter. At $26, the IPO price was $4 a share higher than the top of the offering’s $19 to $22 forecast range, which had already been raised from an earlier range of $13 to $16.

Underwriters, led by Credit Suisse and with W.R. Hambrecht as co-manager, have the option to purchase an additional 930,000 shares to cover overallotments.

The company, which sells software that can be accessed via the Web to small and mid-size clients, has been approved to list its shares on the New York Stock Exchange under the symbol “N” N.N. (Reporting by Lilla Zuill, editing by Phil Berlowitz)

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