November 02, 2000
UTi Prices 4.7 Million Shares At $15 In Initial Public Offering
Rancho Dominguez, California - November 2, 2000 - UTi Worldwide Inc. announced today the initial public offering of 4.7 million ordinary shares priced at $15 per share. All of the shares were offered by the company. Net proceeds will be used for repayment of debt, strategic investments in and acquisitions of businesses and information technology, and for general corporate purposes.
Bear, Stearns & Co. Inc. acted as lead manager, with Lazard and BB&T Capital Markets acting as co-managers of the underwriting group. The company has granted the underwriters a 30-day option to purchase up to 705,000 shares of common stock to cover over-allotments, if any.
UTi is a global, non-asset based supply chain management business, providing logistics, planning and optimization solutions for its customers. The company's services encompass freight forwarding, customs brokerage and warehousing, including the coordination of shipping and the storage of raw materials, supplies, components and finished goods. Through its supply chain planning and optimization services, UTi assists clients in designing and implementing systems that improve predictability and visibility and reduce supply chain costs. The company's shares have been approved for listing on the Nasdaq National Market under the symbol "UTIW."
This news release is neither an offer to sell nor a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. A registration statement relating to these securities has been filed with and has been declared effective by the Securities and Exchange Commission. A copy of the final prospectus relating to the offering may be obtained by contacting Bear, Stearns & Co. Inc., 245 Park Avenue, New York, NY 10167 (212) 272-2000.