Investment bank Donaldson, Lufkin & Jenrette Inc has revised the terms of the pending initial public offering of its internet brokerage business, DLJdirect, upping both the number of shares to be sold and the price range. DLJ said in an amended registration statement with the Securities and Exchange Commission that it will sell 16 million shares in the offering, up from 15 million, and has raised the price range to $18-$20 from $13-$15.
The move, announced only two weeks after the original details were disclosed, could see the sale raise as much as $320m, up from a previous maximum of $225m. The New York-based bank says it will allocate the proceeds from 11 million of the shares to DLJdirect and it will keep the cash from the other 5 million. When the deal closes, DLJ will maintain an 84% stake in the unit, with the public holding 16%. The proceeds will be used to fund increased marketing efforts, for international expansion and to repay a note to DLJ, as well as general corporate purposes.
