PAGENET ANNOUNCES THE EXERCISE OF OVERALLOTMENT OPTION BY IPO UNDERWRITING GROUP
PAGENET ANNOUNCES THE EXERCISE OF OVERALLOTMENT
OPTION BY IPO UNDERWRITING GROUP
PLANO, Texas, Nov. 6 /PRNewswire/ -- Paging Network, Inc. (NASDAQ: PAGE) announced that Prudential Securities Incorporated, as lead manager of the United States and international underwriting groups, has exercised the underwriters' overallotment option and has purchased an additional 1,050,000 shares of PageNet common stock, bringing the total sold in the offering to 8,050,000 shares, or $144.9 million before expenses.
According to George M. Perrin, chief executive officer of PageNet, the underwriter's decision to purchase additional shares was to cover overallotments incurred in meeting demand for shares of PageNet common stock offered for sale and illustrates the strength of PageNet's public offering.
PageNet's stock initially was priced at $18 per share but opened for trading at $19 per share on its first day of trading, according to Perrin. The stock currently trades in the range of $20 to $21 per share.
"The success of our IPO punctuates our company's history," said Perrin. "We have continued to grow at a rate well above the industry average. With additional capital, we're well-positioned to act on our expansion plans and maintain our leadership position," Perrin said.
Since beginning operations in 1982, PageNet has grown steadily through expansion in each of its existing markets in addition to entering new markets. Beginning its eleventh year, Perrin said immediate expansion plans will be aggressive, and include the anticipated addition of new markets.
PageNet's IPO launches the company's second decade of operations. Currently, PageNet has more than 1.2 million pagers in service and has passed all industry competitors in the number of pagers in service.
PageNet provides local, regional and nationwide paging services in 21 states and the District of Columbia and has approximately 1,215,000 pagers in service in the United States.
/CONTACT: Suzanne Seifert of Michael & Partners Advertising and Public Relations, 214-520-1200, for Paging Network/
(PAGE) CO: Paging Network, Inc. ST: Texas IN: SU: OFR PS -- NY104 -- 1960 11/06/91 18:05 EST