April 7, 1999 5:55 PM PDT

Marimba details IPO plans

Marimba set the price range for its initial public offering today, aiming to raise up to $60 million.

Marimba, which filed to go public in February, set a range between 13 and 15 a share and plans to float out 4 million shares.

The company will offer 3,548,000 shares; current stockholders will offer 452,000 shares.

Marimba's flagship and so far sole product, Castanet, updates and monitors enterprise software over the network.

Marimba's long road to the public market has been watched closely, especially after another company with roots in the "push" software business, PointCast, scuttled its IPO.

The stock will trade on the Nasdaq index under the symbol "MRBA."

Marimba also promoted Steve Williams, vice president of worldwide sales, to executive vice president of worldwide sales and chief operating officer.

 

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