GSI Commerce Inc. has priced its previously announced public offering of common stock at $17.00 per share. The company is selling 3,661,150 shares of common stock, which represents an increase of 1,850,000 shares over the number of shares previously announced, and the selling stockholders, including SOFTBANK Capital Partners and its affiliates, are selling 8,188,850 shares of common stock. Additionally, the company has granted the underwriters of the offering a 30-day option to purchase an additional 1,777,500 shares of common stock to cover overallotments, if any, which represents an increase of 277,500 shares over the number of shares previously announced.
Subject to customary conditions, the offering is expected to close on or about Aug. 18, 2009. The company intends to use the proceeds of the offering for working capital and general corporate purposes, including possible acquisitions. The net proceeds to the company, after deducting the underwriting discount and other estimated offering expenses, are expected to be approximately $59.2 million (assuming the underwriters have not exercised the overallotment option). The company will not receive any proceeds from the sale of the shares by the selling stockholders.
BofA Merrill Lynch and UBS Investment Bank are the joint book-running managers for the offering. Acting as co-managers are Morgan Stanley, Janney Montgomery Scott and Thomas Weisel Partners LLC.