Netscape Files to Sell 5 Million Shares

Netscape Communications Corp. and shareholders plan to sell 5 million shares, raising as much as $235 million, according to a Securities and Exchange Commission filing. The maker of the popular browser for the World Wide Web portion of the Internet expects to sell 2 million shares, and shareholders plan to sell 3 million. The Mountain View-based company, which will sell shares for as much as $47 each, filed with the SEC after the close of trading. Shares fell 25 cents to $46.125 on Nasdaq. After the stock sale, there will be about 86.5 million common shares outstanding. The company plans to use proceeds from the sale for working capital and general corporate purposes.