RealTime IT News

PacNet Files For Second Public Offering

Regional ISP Pacific Internet Ltd (NASDAQ: PCNTF) announced that it has filed with the U.S. Securities and Exchange Commission for a public offering of 2,125,000 ordinary shares.

Of the 2,125,000 shares being offered, 212,500 shares are being sold by Pacific Internet (PacNet) and 1,912,500 shares are being sold by its direct shareholders, Sembawang Ventures and SIM Ventures.

Lehman Brothers is the lead manager and global coordinator for the offering, Bear, Stearns & Co. Inc. and SG Cowen Securities Corp. are the co-managers.

PacNet provides Internet access and services in Singapore, Hong Kong and the Philippines.

The ISP is looking to expand further in the region and is in acquisition mode. The company has announced that it will be offering Internet access services in Australia later this year and has applied for a license in India.

PacNet closed on Wednesday at US$57 1/8, down 5 percent. In its initial offering of US$17 per share on NASDAQ, the Singapore-based ISP raised US$35 million.