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Red Hat sets IPO at $10-12
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July 16, 1999: 1:23 p.m. ET
Open software firm, top supporter of Linux, plans August sale of 6M shares
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NEW YORK (CNNfn) - Red Hat Inc., a leading supporter of Linux operating system software, set a price range Friday of $10 to $12 for the sale of six million shares in its initial public offering planned for next month.
Durham, N.C.-based Red Hat, which will trade under the symbol RHAT, disclosed the price range as part of a filing with the Securities and Exchange Commission.
The stock is tentatively scheduled to go public during the week of Aug. 9.
Underwriters are Goldman Sachs, Thomas Weisel Partners, Hambrecht & Quist, and E*Trade Securities.
The company's leading product, Red Hat Linux, is open source software, meaning that its source code can be modified by the public with few restrictions. Red Hat makes its money by offering support to companies that want to use Linux.
Linux was invented by former University of Helsinki student Linus Torvalds and may be downloaded free over the Internet, making it a potential threat to the dominance of Microsoft (MSFT)'s Windows operating system.
IBM (IBM) said earlier this year it will sell computers that run on Linux. IBM and other top technology companies such as Compaq Computer (CPQ), Novell (NOVL) and Oracle (ORCL) have signed strategic alliances or taken a stake in Red Hat. 
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Red Hat
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