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InPhonic sets IPO at 7 M shares

Washington, DC, Sep. 20 (UPI) -- InPhonic in Washington Monday set the terms of the company's pending initial public offering at 7 million shares.

 The company also set an estimated price range of $15 to $17 a share for its IPO.

On June 14, InPhonic filed an IPO to sell up to $100 million in common stock but did not detail the terms of the offering.

According to an amended Form filed with the Securities and Exchange Commission, 1 million of the shares offered are for selling holders.

The company said it will use net proceeds from the IPO to repay existing debt and accrued and unpaid dividends on its preferred stock, and for working capital and other general corporate purposes including potential acquisitions.

Deutsche Bank Securities, JPMorgan, Thomas Weisel Partners, Friedman Billings Ramsey, Allen & Co. and Pacific Crest Securities were listed as underwriters for the offering.

The underwriters may also purchase up to 1.05 million shares from the selling holders to cover over-allotments, the filing said.

InPhonic is an online seller of wireless services and devices.

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