Myers & Associates IPO Raises $23.4 Million at $12 per Share

Business services specialist Steven Myers & Associates Inc. raised $23.4 million Wednesday as its initial public offering was priced at $12 per share.

The company originally said it hoped to get at least $12 and as much as $14 per share in the sale.

The 3.15 million shares in the offering represent a 21% stake in the 15-year-old company, which helps clients prepare proposals for government and defense contracts. The company is selling 2.1 million of the shares while certain investors are selling 1.05 million shares, raising $11.7 million for themselves.

Underwriters Donaldson, Lufkin & Jenrette Securities Corp. and Lehman Brothers received fees totaling $2.7 million, or 84 cents a share.

Myers & Associates stock is scheduled to begin trading this morning on the Nasdaq market under the symbol WINS.

Company officials were not available for comment Wednesday, but in an earlier filing with the Securities and Exchange Commission said that proceeds from the stock sale would be used to repay $7.2 million of debt and to fund general corporate activities, possibly including acquisitions.