Morningstar to Sell up to $100M in Initial Offering
May 17, 2004
Research firm Morningstar has filed an initial public offering statement with the Securities and Exchange Commission to sell shares of common stock in the company.
While leaving the number of offered shares and the prices of those shares blank, Morningstar's filing did say that up to $100 million worth of stock can be sold. The public shares will be drawn from both Morningstar itself and one of its current shareholders, Softbank Finance Corp., according to the company.
Proceeds from the stock sale, according to the filing, will go toward working capital as well as to "provide liquidity for our shareholders, and facilitate our future access to public markets." Morningstar intends to be listed on either Nasdaq or the New York Stock Exchange.
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