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AOL Latin to price Monday
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August 3, 2000: 6:51 p.m. ET
Latin America service provider delays; Bruker shines, Smart Link pulls IPO
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New York (CNNfn) - The much anticipated initial public offering from America Online Latin America Inc. will price on Monday, underwriters on the deal said.
The Fort Lauderdale, Fla.-based company cut the deal's price range on Tuesday to 25 million shares at $8 to $10 each, down from the originally planned $15-to-$17 a share. Salomon Smith Barney and Donaldson Lufkin & Jenrette are lead underwriters.
AOL Latin America had expected to price its deal this week. The company, a joint venture between AOL (AOL: Research, Estimates) and the Cisneros Group formed in December 1998, has faced a rocky road to its initial public offering. The Latin American service provider is facing higher-than-anticipated subscriber cancellations in Brazil, mainly due to free service offered by rivals. AOL Latin America competes against competitors such as El Sitio (LCTO: Research, Estimates), StarMedia Network Inc. (STRM: Research, Estimates) and Terra Networks S.A. (TRRA: Research, Estimates)
In November 1999, AOL Latin America launched its portal in Brazil, followed up in Mexico in July and expects to launch in Argentina in the third calendar quarter of this year. AOL Latin America has racked up about 129,000 customers in Brazil. The company plans to trade under the symbol AOLA.
AOL is currently merging with Time Warner, parent company of CNNfn.com.
Bruker prices above range
Bruker Daltonics Inc., a biotechnology tools deal, will begin trading Friday. Bruker raised $104 million after pricing 8 million shares at $13 each through underwriters led by UBS Warburg. The company had expected to price 7.5 million shares at $10-to-$12 each.
Billerica, Mass.-based Bruker provides devices that provide molecular information on a given sample. Bruker plans to trade under BDAL.
EXE Technologies Inc. raised $64 million after pricing 8 million shares at $8 each via lead underwriters Donaldson Lufkin & Jenrette and Solomon Smith Barney. EXE had planned to offer 7.25 million shares at $7-to-$9 each, down from the originally planned 10 million shares at $11-to-$13.
Dallas-based EXE Technologies fulfillment, distribution and warehousing software for e-commerce and traditional companies such as barnesandnoble.com, Ford and K-Mart. The company plans to trade under the symbol EXEE.
Innovative Solutions & Support Inc. also plans to trade Friday. Innovative sold 3 million shares at $11 each, the mid-point of its expected range, via underwriters Friedman Billings Ramsey. Price talk was 3 million at $10-to-$12 a share.
The company makes and designs aircraft products such as flight information computers, electronic displays and advanced monitoring displays. Innovative plans to trade under the symbol ISSC.
Crosswave prices at top of range
Shares of Japanese data telecommunications company Crosswave Communications Inc. were priced at $14 per share, at the high end of the estimated price range, said the lead underwriters.
The company, which is owned by Sony Corp., Toyota Motor Corp. and Internet Initiative Japan raised $243.5 million by selling 17.392 million American Depositary Receipts, or 86,960 common shares. The estimated price range for the pricing was $12-$14 per share.
Sony and Toyota each own 30 percent of Crosswave and IIJ owns 40 percent of the company, which intends to use the proceeds from the IPO to bolster the domestic infrastructure of its telecommunications network.
Goldman Sachs served as the lead underwriters for Crosswave, which will trade under the symbol CWCI on the Nasdaq stock market.
Smart Link postpones IPO
An IPO scheduled for Thursday failed to materialize. Smart Link Ltd. pulled its planned offering, citing poor market conditions, underwriters on the deal said.
The Netanya, Israel-based Smart Link, a developer of semiconductors and software for broadband communications, had planned to offer 3.5 million shares at $14-to-$16 a share via underwriters Merrill Lynch.
Also expected to price Thursday, Crosswave Communications Inc., Microtune Inc., Lantronix Inc., Giganet Ltd., and Mind C.T.I. Ltd. 
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