TriZetto Group Tells Public Offering Price

Dow Jones

TriZetto Group Inc., a Newport Beach computer software and services company for the health industry, said Thursday that its public stock offering was priced at $9.25 a share to raise $55.5 million.

The company said in a news release that it priced the 6 million shares through underwriters led by Bear Stearns Cos. and UBS Warburg.

The price is substantially lower than the closing price of $14.13 a share when the offering was announced April 16. The stock lost 46 cents Thursday to close at $9.47 a share on Nasdaq.

The company said it intends to use proceeds for general corporate purposes and working capital. Prior to the secondary offering, TriZetto had about 38 million shares outstanding.

Copyright © 2019, Los Angeles Times
EDITION: California | U.S. & World