WASHINGTON -- Agilent Technologies Inc., a planned spinoff of Hewlett-Packard, will increase its initial public offering to 65 million shares from 57 million and raise the expected price range to US$26-$28 a share from $19-$22, company officials said Wednesday.
Agilent, in an amended prospectus filed with the Securities and Exchange Commission, also said it would use net proceeds from the IPO to pay Hewlett-Packard as a dividend.
Agilent is a provider of test and measurement products for such high-growth areas as the semiconductor and health-care industries.
At $27 a share, Agilent would raise $1.67 billion in the IPO. With 445 million shares outstanding after the IPO, the company would have a market value of $12 billion (at $27 per share).
The underwriters include Morgan Stanley Dean Witter, Goldman, Sachs & Co., Credit Suisse First Boston, Merrill Lynch & Co. and Salomon Smith Barney, among others.
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