Work on Prospectus Slows Divine InterVenture's IPO

By Galloro, Vince | Daily Herald (Arlington Heights, IL), June 29, 2000 | Go to article overview

Work on Prospectus Slows Divine InterVenture's IPO


Galloro, Vince, Daily Herald (Arlington Heights, IL)


Federal securities regulators have delayed the $214 million initial public offering of Divine InterVentures Inc. for a week while the Lisle-based company prints new information for investors.

Divine was scheduled to try to sell up to 14.25 million shares at $13 to $15 each this week, according to Divine's filings with the Securities and Exchange Commission. The SEC is delaying the sale while Divine publishes a new prospectus, according to an official with Robertson Stephens Inc., which is overseeing the sale.

The prospectus, a required disclosure statement that provides information about a company making a stock offering, must be supplied to potential investors.

A Divine spokesman said the company would not comment, citing federal regulations prohibiting statements in the days before a company goes public.

The offering has been delayed until July 6, although some believe a sale next week would be difficult because of the Fourth of July holiday falling on Tuesday.

Divine, which invests in and helps manage Internet-based businesses, had initially planned to sell shares in March, but the offering has been delayed and restructured several times.

In the meantime, stock investors have soured on many Internet stocks, especially for companies who primarily sell goods and services to other companies. Divine focuses on these "business-to- business" Internet start-ups, according to one analyst.

The continuing changes in its initial public offering and the company's heavy losses - $77 million in the first quarter - are signs of Divine's weakness, said analyst Michael Falbo with IpoPros.com in Boulder, Colo.

"They simply are not making money, and they're not just losing money, they're losing a ton," Falbo said. "It seems like it's a really risky deal for our investors.

"They could be having trouble finding an investor audience, and I think that's because their losses are so tremendous," Falbo added. …

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