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Aquila Set to Debut $379-Million IPO

April 23, 2001|Reuters

The market for new stock offerings is suddenly looking more promising after Nasdaq's nearly unbroken two-week rally. The technology-laced composite has gained 32% since it hit a fresh two-year low on April 4, multibillion dollar deals are in the pipeline, and energy supplier Aquila Inc. is set to debut this week in an estimated $379-million initial public offering. After a week when not one company braved the public markets, Aquila, a unit of gas and electricity company UtiliCorp United Inc., is preparing to set a price on its shares as early as today. The IPO is being managed by Lehman Bros. Aquila raised the price range on the 16.5 million shares it is offering to $21 to $23 in early April from $17 to $22. This also drove the potential proceeds of the deal up to $379 million from $363 million. Next week Reliant Resources Inc. could raise up to $1.5 billion. The underwriters recently boosted the price range on the shares to $26 to $28 a share from $25.

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