$16 Million Raised by Kenfil in Stock Offering

Kenfil Inc., a Van Nuys-based distributor of personal computer software, has raised $16.2 million by completing its initial public stock offering.

The company sold 2.5 million common shares for $7 each in an offering managed by the investment firm Piper Jaffray Inc.

Kenfil plans to use the cash for repaying debt and for working capital.

Kenfil first tried to go public last spring with an offer of 3 million shares that were expected to fetch $9 to $11 a share. But that bid, which was managed by Montgomery Securities, was scrapped when market conditions for initial offerings softened.