ROCHESTER, Minn. – ShowCase Corp., a developer of data warehousing software, went public June 30, offering 3 million shares at $9 apiece. The company’s stock priced at the low end of its $9 to $11 filing range.
Merrill Lynch & Co., U.S. Bancorp Piper Jaffray, Dain Rauscher Wessels and FAC/Equities underwrote the initial public offering, which left 10.27 million shares outstanding.
There were no selling shareholders. Norwest Equity Partners IV and V provided the company with venture financing.
ShowCase develops data storage software for IBM Corp.’s AS/400 computer systems. The company’s software products allow users to store, extract, distribute and analyze data from multiple corporate databases.
The company will earn about $27 million from the IPO, which will be used to expand its direct sales force and fund product development.
ShowCase has been profitable for several years, before losing $3.2 million in the fiscal year ended March 31, 1998 and $616,000 in the fiscal year ended March 31, 1999.
Promod Haque, the managing general partner of Norwest Equity Partners, joined the company’s board of directors in March 1992.
ShowCase – Selected Financial
(in thousands, except per share data)
Year Ended March 31,
1995 1996 1997 1998 1999
Total revenue 10,018 13,278 18,027 23,755 35,519
Net income (loss) 397 814 50 -3,234 -616
Net income (loss) per share 0.10 0.21 0.01 -0.82 -0.14